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How About Looking Over the US ‘NO!” party…

March 23, 2010

Courtesy Reuters we have a useful insight into the US Republicans who now find themselves allies of banking.. and opposed reform because that might lower their profits..

So.. another one for the Dems today was the 30 minutes passage of their Banking Reform proposals. The short time arose from Republicans pulling their 400 or so amendments to this legislation..

Tellingly, these amendments put us in the box seat of GOP and Republican manuvers.. not to mention their intentions to <strike>impress</strike> american voters in the mid-terms November..

One amendment, for instance, would have stripped Mr Dodd’s proposed Financial Stability Oversight Council of the power to assign risky nonbank financial firms to Fed supervision.

Another would have deleted a provision in Mr Dodd’s bill establishing a fund to help pay for orderly liquidations of distressed financial firms.

A separate amendment would have blocked Mr Dodd’s plan to transfer supervision of hundreds of state-chartered banks with assets of less than $US50 billion to the Federal Deposit Insurance Corp from the Fed, the documents show.

The summary also said Republicans wanted to delete major portions of the Dodd bill dealing with over-the-counter derivatives regulation and new rules for credit-rating agencies,

h/t: bizspec(Oz)

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