Don’t say we didn’t try to warn people. We posted yesterday that our benevolent benefactors at Consumers Union would be unleashing Bankzilla upon the innocent people of Washington, D.C., and we were not kidding. Just check out the video for the evidence. [More]
financial reform
Financial Reform Bill Blocked Again
By 4.27.10
It’s deja vu all over again: For the second day in a row, Republicans blocked debate on the financial reform bill. Once more, the vote was 57-41. And, once more, Democrat Ben Nelson of Nebraska broke ranks and voted with Republicans against the bill. Senate Majority Leader Harry Reid plans to bring the bill up for a vote again tomorrow. [More]
Financial Reform Bill Stalls In Senate
By 4.26.10
With a 57-41 vote, Senate Republicans blocked debate over the White House-supported financial reform bill. The Democrats needed a 60-vote “supermajority” to avoid a Republican filibuster threat. Democrats plan to reintroduce the bill as early as tomorrow. [More]
Obama To Bankers: Remember When Creating The FDIC Was Going To Ruin The Economy?
By 4.22.10
During the President’s address to Wall Street bankers today in New York City, he reminded them that their predecessors had completely flipped out about a bill that passed through Congress way back in 1933. It was, in their view, sure to “not only rob them of their pride of profession but would reduce all U.S. banking to its lowest level.” What was this reform bill? [More]
White House: Free Market Isn't "Free License To Take Whatever You Can Get"
By 4.22.10
The White House has released potions of a speech to be made by the president later today in NYC. In it Mr. Obama calls on banking industry lobbyists to halt their efforts to stop financial reforms that he feels are in the best interest of the market and the country. [More]
Is Financial Reform Too Confusing For Most Journalists (And Consumers)?
By 4.4.10
With financial reform likely to be the next big target of the White House, NPR’s On the Media worries that the topic could be too confusing for most journalists to really understand well enough to explain to the American people. And this includes journalists who do this all day, every day. [More]
Senate Bill Adds Consumer Protections; Advocates Want More
By 3.15.10
Senate Banking Committee Chairman Chris Dodd (D-CT) unveiled a 1,336-page financial reform bill today, as consumer advocates warned that it doesn’t offer enough to protect the public and concentrates too much power in the Federal Reserve, and bankers complained the bill would “confuse consumers and businesses.” No wonder Dodd’s quitting his job. [More]
Is The State Of The Union Good For Consumers?
By 1.28.10
The Obama Administration has been promoting its financial reform proposals almost since the inauguration, and most of the administration’s plans, including the creation of a Consumer Financial Protection Agency, have wide support among consumer advocates.So, how are consumers doing, and what did the President say last night that might be good news? [More]
Consumerist Interview: White House To Banking Lobbyists, "It's On."
By 12.18.09
We went back to the White House this week, for our second interview with Obama Administration economic advisor Austan Goolsbee. In a wide-ranging talk, Goolsbee discussed the Administration’s plans to help small businesses get credit, said that the battle against bank lobbyists is on, and expressed amazement that people in DC use the weather as an excuse to miss meetings. “I’m from Chicago,” he said, explaining that even blizzards don’t stop normal activities there. “We aren’t wimps in Chicago.”
Inside: Video and full transcript.
House Passes Financial Reform Bill
By 12.11.09
The House of Representatives today passed the Wall Street Financial Reform and Consumer Protection Act, with a 223-202 vote. No Republicans voted for the bill, and 27 Democrats joined the nay column, If passed by the Senate and signed by President Obama, the bill would create the Consumer Financial Protection Agency and either fix a broken financial system or lead to a government takeover of Wall Street, depending on your perspective. [More]
