\u0093By creating a new consumer agency, we will finally set and enforce clear rules of the road across the financial marketplace.\u00a0 And as this bill moves to the floor in the coming weeks, I will continue to fight to strengthen the bill and against attempts to undermine the independence of this agency. \u00a0 I will also oppose efforts to add loopholes that could harm consumers or investors, or that allow institutions to avoid oversight that is critical for financial stability. \u00a0I urge those in the Senate who support these efforts to resist pressure from those who would preserve the status quo and to stand up for long overdue reform that will protect American families and the long term health of our economy.\u0094<\/p>\n
Treasury Secretary Timothy Geithner<\/strong><\/p>\n \u0093This is a good day for the cause of financial reform.\u0094<\/p>\n Senate Banking Committee Chairman Christopher Dodd (D., Conn.)<\/strong><\/p>\n \u0093The stakes are too high \u0096 and the American people have suffered too greatly \u0096 for us to fail in this effort.\u00a0 And we will not fail.\u00a0 We will have reform this year.\u0094<\/p>\n Sen. Tim Johnson (D., S.D.)<\/p>\n \u0093This bill is not perfect, and there are certainly items each of us on this Committee would like to see improved as we go to the floor.\u00a0 I am hopeful that bipartisan conversations will continue on these issues in coming weeks as the bill moves through the full Senate.\u0094<\/p>\n Sen. Charles Schumer (D., N.Y.)<\/strong><\/p>\n \u0093Two years after excessive risk-taking upended our economy, we have taken a major step to make sure corporations are accountable to their shareholders. We will keep fighting to make sure these key reforms remain in the package as it proceeds to the Senate floor.\u0094<\/p>\n Sen. Bob Menendez (D., N.J.)<\/strong><\/p>\n \u0093The bill we passed is a good starting point from which we can work in the full Senate, and I applaud Chairman Dodd for including a number of family protection provisions that I championed. When all is said and done, I expect that we will pass legislation that reins in the type of reckless financial behavior that has cost millions of Americans their jobs, homes and nest eggs.\u0094<\/p>\n <\/strong><\/p>\n Sen. Sherrod Brown (D., Ohio)<\/strong><\/p>\n \u0093There are those on this committee who will try to delay action for as long as possible. They are hoping the American people will forget the meltdown, forget the bailouts, and forget that Wall Street knowingly gambled away the economic security of millions of middle class families.\u00a0 Well, Americans aren\u0092t going to forget.\u00a0 And Congress reports to Americans.\u00a0 No more meltdowns, no more bailouts. Our nation cannot afford to let Wall Street remain a casino with the odds stacked against everyday Americans. We need rules that ensure Wall Street investors cannot bet the farm in Chillicothe, the home in Cleveland Heights, or the job in Wilmington on a financial bubble that is bound to burst.\u0094<\/p>\n Sen. Jon Tester (D., Mont.) took credit for helping ensure the bill didn\u0092t overwhelm smaller financial companies.<\/strong><\/p>\n \u0093I do not believe Montana\u0092s community banks and credit unions caused the economic crisis, and I do not believe they should have to pay for the sins of Wall Street.\u0094<\/p>\n Sen. Richard Shelby (R., Ala.)<\/strong><\/p>\n \u0093Chairman Dodd has made it clear that he intends to move forward without Republican support which is his prerogative.\u00a0 It is not our intention to turn this mark up into a long march, offering hundreds of amendments that will inevitably be defeated.\u00a0 We don\u0092t think that would be constructive or productive.\u00a0 Consequently, we will be opposing the bill at this time.\u00a0 But, I pledge to the Chairman and my colleagues that I will continue to work with them as this bill approaches floor consideration in hopes of reaching a broad consensus.<\/p>\n Sen. Judd Gregg (R., N.H.)<\/strong><\/p>\n \u0093In September of 2008, our nation faced the very real possibility of an economic collapse of incalculable proportions.\u00a0 Unfortunately, Chairman Dodd\u0092s bill does little to protect us against a similar situation in the future. \u00a0Far from ending the concept of \u0093too big to fail,\u0094 this bill all but codifies it by pre-designating \u0093systemically significant\u0094 institutions and providing them an implicit taxpayer guarantee.\u00a0 The Chairman\u0092s bill fails to address the ongoing crisis and the roles played by lax underwriting, overreliance on credit rating agencies, and government-sponsored enterprises like Fannie Mae and Freddie Mac.\u00a0 Furthermore, by separating the consumer protection from the safety and soundness mission for individual regulators, the bill actually puts consumers at greater risk.\u0094<\/p>\n Sen. Bob Corker (R., Tenn.)<\/strong><\/p>\n \u0093It is pretty unbelievable that after two years of hearings on arguably the biggest issue facing our panel in decades, the committee has passed a 1,300 page bill in a 21 minute, partisan markup. I don\u0092t know how you can call that anything but dysfunctional.\u0094<\/p>\n Sen. David Vitter (R., La.)<\/strong><\/p>\n \u0093Under pressure from the Obama administration, Senator Dodd has offered a bill that will only further entrench the problematic \u0091Too Big To Fail\u0092 approach.\u00a0 By identifying the largest and most systemically risky firms and placing them under the direct supervision of the Fed, Senator Dodd\u0092s bill would create a \u0091Too Big To Fail\u0092 club that would promise a government backstop for certain companies.\u00a0 I worry that the legislation as currently written allows Congress to pick winners and losers in the marketplace, just as it did with TARP.\u00a0 That\u0092s an approach we must end, not perpetuate.\u0094<\/p>\n President Obama and multiple lawmakers weighed in almost immediately on the 13-10 vote in the Senate Banking Committee to advance a plan by Democrats to rewrite financial market rules. Here\u0092s a collection of some of the statements: President Obama \u0093By creating a new consumer agency, we will finally set and enforce clear rules of the […]<\/p>\n","protected":false},"author":850,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-461665","post","type-post","status-publish","format-standard","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/461665","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/users\/850"}],"replies":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/comments?post=461665"}],"version-history":[{"count":0,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/461665\/revisions"}],"wp:attachment":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/media?parent=461665"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/categories?post=461665"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/tags?post=461665"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}<\/img><\/a>
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