ARRA News Service
News for social, fiscal & national security conservatives who believe in God, family & the USA. Upholding the rights granted by God & guaranteed by the U.S. Constitution, traditional family values, "republican" principles / ideals, transparent & limited "smaller" government, free markets, lower taxes, due process of law, liberty & individual freedom. Content approval rests with the ARRA News Service Editor. Opinions are those of the authors. While varied positions are reported, beliefs & principles remain fixed. No revenue is generated for or by this site - no paid ads - no payments for articles. Fair Use doctrine is posted & used.
Editor/Founder: Bill Smith, Ph.D. [aka: OzarkGuru & 2010 AFP National Blogger of the Year]
Contact: editor@arranewsservice.com (Pub. Since July, 2006)
    Home Page
   

One of the penalties for refusing to participate in politics is that you end up being governed by your inferiors. -- Plato (429-347 BC)

Thursday, May 06, 2010

Today in Washington, D.C. - May 6, 2010 - In Summary, The Dodd Bill Sucks Less Today!

The Senate resumed consideration of S. 3217, the Dodd financial regulation bill. Votes on amendments are expected throughout the day. This morning, the Senate voted 98-0 to adopt an amendment from Sens. Kay Bailey Hutchison (R-TX) and Jon Tester (D-MT) that requires large banks to pay more into the FDIC’s Deposit Insurance Fund. Yesterday, the Senate voted 93-5 to adopt the Dodd-Shelby compromise amendment to remove the $50 billion bailout fund from the bill and ensure that taxpayers won’t be on the hook for failed banks and investment firms. They also voted 96-1 to approve an amendment from Sen. Barbara Boxer (D-CA), which declares that taxpayers shouldn’t be responsible for paying for new bailouts.  The voters in California must be tweaking Boxer's lately.  Note, the words "taxpayers shouldn't be responsible" doesn't mean that taxpayers don't pay.  Folks those without money aren't paying the bills.

The Washington Post reports today, “In a rare show of bipartisanship, the Senate on Wednesday overwhelmingly approved an amendment to the financial regulatory bill aimed at ensuring that taxpayers never again be on the hook for bailing out collapsed banks and investment firms. The 93 to 5 vote brought together senators as diverse as ultra-liberal Bernard Sanders (I-Vt.) and Richard C. Shelby (R-Ala.), the conservative who co-wrote the amendment with Christopher J. Dodd (D-Conn.), chairman of the Senate banking committee. . . . Their deal . . . centered on a portion of the bill aimed at giving the government power to wind down large, troubled firms without putting taxpayer money at risk. The heart of the agreement was Dodd’s willingness to drop a proposed $50 billion fund, which would be filled upfront by the financial industry, that would cover the cost of closing down failing firms. Republicans had criticized the provision as a ‘bailout fund’ that could encourage financial firms to act recklessly, knowing the fund was in place.”

Senate Republican Leader Mitch McConnell noted, “While some said the Dodd bill did not allow for bailouts, this bipartisan agreement improves the bill by limiting loopholes and seeks to make sure investors, not taxpayers, are on the hook when a Wall Street bank fails.  Thanks to the efforts of the entire Republican Conference over the previous weeks, Sens. Dodd and Shelby had the time to address the concerns raised by members on both sides about flaws in this section of the bill.”

Fifty-seven Democrats voted for the Dodd-Shelby amendment yesterday, yet Democrat leaders had just spent weeks attacking Republicans for explaining that the original version of the Dodd financial regulation bill could perpetuate bailouts. In his weekly address, President Obama said that Sen. McConnell “made the cynical and deceptive assertion that reform would somehow enable future bailouts – when he knows that it would do just the opposite.” He later declared that it’s “not legitimate” “to suggest that somehow the legislation being proposed is going to encourage future taxpayer bailouts.”

Meanwhile, Senate Democrat leaders held press conferences to denounce Republican criticism of the bill. Senate Majority Leader Harry Reid said, “There is no question in my mind that the statements we’ve just seen here are untrue.” Sen. Chuck Schumer (D-NY) went even further, proclaiming, “These lies are not taking hold.” And Dodd said on the Senate floor that to “suggest that somehow what we have done here is to perpetuate ‘too big to fail’ is poppycock.”

But today, after Reid, Schumer and Dodd all voted for the amendment eliminating taxpayer liability for bailouts, Dodd said, “We’ve resolved, I believe, to virtually all of our satisfaction the too big to fail argument. We did that yesterday and I again thank my colleagues, particularly Senator Shelby and others, for helping us work through that to come to a conclusion that ends the debate as to whether or not the bill before us ends too big to fail.”

Indeed, the Dodd-Shelby amendment seems to have done that. But had it not been for Republicans, not only would there not have been a debate, the language would never have been fixed. Once again, Republicans have been proven right for their concerns about hastily drafted Democrat legislation. Unlike on the health care bill, Democrats were willing to join with Republicans to fix a major problem with the Dodd bill. They should do the same with the serious problems in the consumer protection agency provisions that remain in the bill that could harm small businesses.

Following my prior days rating system, we might agree that the Dodd Bill sucks less today! As previously identified, there are lots of special interest loopholes in this in Wall Street bailout bill.

Tags: Washington, D.C., US Senate, US Congress, Dodd Bill, financial regulation To share or post to your site, click on "Post Link". Please mention / link to the ARRA News Service. Thanks!
Posted by Bill Smith at 11:16 AM - Post Link

1 Comments:

Anonymous John Eck said...

This bill allows the government to monitor every financial transaction that anyone makes not just banks, brokers, etc even private citizens. They have complete access to your bank accounts, credit cards, debit cards, retirement accounts, everything! Nothing to stop them from withdrawing all of your money and they don't need a reason.

5/08/2010  

Post a Comment

<< Home


View U.S. National Debt

Don't miss anything!
Subscribe to the
ARRA News Service
It's FREE & No Ads!

You will receive a verification email
& must validate you subscribed!

You Then Receive One Email Each AM
With Prior Days Articles / Toons / More


Also, Join us at:
Facebook.com/ARRANewsService


Recent Posts:
Personal Tweets by the editor:
Dr. Bill - OzarkGuru - @arra
#Christian Conservative; Retired USAF & Grad Professor. Constitution NRA ProLife schoolchoice fairtax - Editor ARRA NEWS SERVICE. THANKS FOR FOLLOWING!

Action Links!
State Upper & Lower House Members
State Attorney Generals
State Governors
The White House
US House of Representatives
US Senators
GrassFire
NumbersUSA
Ballotpedia

Facebook Accts - Dr. Bill Smith
Pages:
ARRA News Service
Arkansans Against Big Government
Alley-White Am. Legion #52
Catholics & Protestants United Against Discrimination
End Taxpayer Funding of NPR
Overturn Roe V. Wade
Prolife Soldiers
Project Wildfire 4 Life
Republican Liberty Caucus of Arkansas
The Gold Standard
US Atty Gen Loretta Lynch, aka Eric Holder, Must Go
Veterans for Sarah Palin
Why Vote for Hillary (Satire)
FB Groups:
Arkansas For Sarah Palin
Arkansas Conservative Caucus
Arkansas County Tea Party
Arkansans' Discussion Group on National Issues
Blogs for Borders
Conservative Solutions
Conservative Voices
Defend Marriage -- Arkansas
FairTax
FairTax Nation
Arkansas for FairTax
Friends of the TEA Party in Arkansas
Freedom Roundtable
Pro-Life Rocks - Arkansas
Republican Network
Republican Liberty Caucus of AR
Reject the U.N.

Patriots
Exchange
Links

Request Via
Article Comment

Links to ARRA News
A Patriotic Nurse
Agora Associates
a12iggymom's Blog
America, You Asked For It!
Americans for a Free Republic
America's Best Choice
ARRA News Twitter
As The Crackerhead Crumbles
Blogs For Borders
Blogs for Palin
Blow the Trumpet Ministry
Boot Berryism
Cap'n Bob & the Damsel
Chicago Ray Report
Chuck Baldwin - links
Common Cents
Conservative Voices
Defeat Obama's Agenda
Diana's Corner
Greater Fitchburg For Life
Lasting Liberty Blog
Liberal Isn't Amy
Maggie's Notebook
Marathon Pundit
Patriot's Corner
Right on Issues that Matter
Right Reason
Rocking on the Right Side
Saber Point
Saline Watchdog
Secure Arkansas
Sultan Knish
The Blue Eye View
The Born Again Americans
TEA Party Cartoons
The Foxhole | Unapologetic Patriot
The Liberty Republican
The Lid
The Maritime Sentry
The O Word
The Path to Tyranny Blog
The Real Polichick
The War on Guns
TOTUS
Twitter @ARRA
Underground Notes
Warning Signs
Women's Prayer & Action
WyBlog

Editor's Managed Twitter Accounts
Twitter Dr. Bill Smith @arra
Twitter Arkansas @GOPNetwork
Twitter @BootBerryism
Twitter @SovereignAllies
Twitter @FairTaxNation

Editor's Recommended Orgs
Accuracy in Media (AIM)
American Action Forum (AAF)
American Committment
American Culture & Faith Institute
American Enterprise Institute
American Family Business Institute
Americans for Limited Government
Americans for Prosperity
Americans for Tax Reform
American Security Council Fdn
AR Faith & Ethics Council
Arkansas Policy Foundation
Ayn Rand Institute
Bill of Rights Institute
Campaign for Working Families
CATO Institute
Center for Individual Freedom
Center for Immigration Studies
Center for Just Society
Center for Freedom & Prosperity
Citizens Against Gov't Waste
Citizens in Charge Foundstion
Coalition for the Future American Worker
Competitive Enterprise Institute
Concerned Veterans for America
Concerned Women for America
Declaration of Am. Renewal
Eagle Forum
FairTax
Family Research Council
Family Security Matters
Franklin Center for Gov't & Public Integrity
Freedom Works
Gingrich Productions
Global Incident Map
Great Americans
Gold Standard 2012 Project
Gun Owners of America (GOA)
Heritage Action for America
David Horowitz Freedom Center
Institute For Justice
Institute for Truth in Accounting
Intercollegiate Studies Institute
Judicial Watch
Less Government
Media Reseach Center
National Center for Policy Analysis
National Right To Work Foundation
National Rifle Association (NRA)
National Rifle Association (NRA-ILA)
News Busters
O'Bluejacket's Patriotic Flicks
OathKeepers
Open Secrets
Presidential Prayer Team
Religious Freedom Coalition
Renew America
Ron Paul Institute
State Policy Network
Tax Foundation
Tax Policy Center
The Club for Growth
The Federalist
The Gold Standard Now
The Heritage Foundation
The Leadership Institute
Truth in Accounting
Union Facts



Blogs For Borders

Reject the United Nations

Adopt Our Troops in Prayer


Thousands of Deadly Islamic Terror Attacks Since 9/11


FairTax Nation on FaceBook
Friends of Israel - Stand with Israel
Blog Feeds
Syndicated - Get the ARRA News Service feed Syndicated!
ARRA Blog Feed

Add to Google Reader or Homepage

Add to The Free Dictionary

Powered by Blogger


  • To Exchange Links - Email: editor@arranewsservice.com!
  • Comments by contributing authors or other sources do not necessarily reflect the position the editor, other contributing authors, sources, readers, or commenters. No contributors, or editors are paid for articles, images, cartoons, etc. While having reported on and promoting beliefs associated with the former Arkansas Republican Assemblies (ARRA), this blog/site is controlled and supported by the editor. This site/blog does not advertise for money or services nor does it solicit funding for its support.
  • Fair Use: This site/blog may contain copyrighted material the use of which has not been specifically authorized by the copyright owner. Such material is made available to advance understanding of political, human rights, economic, democracy, and social justice issues, etc. This constitutes a 'fair use' of such copyrighted material as provided for in section Title 17 U.S.C. Section 107 of the US Copyright Law. Per said section, the material on this site/blog is distributed without profit to readers to view for the expressed purpose of viewing the included information for research, educational, or satirical purposes. Any person/entity seeking to use copyrighted material shared on this site/blog for purposes that go beyond "fair use," must obtain permission from the copyright owner.
  • © 2006 - 2018 ARRA News Service
Creative Commons License
Creative Commons Attribution Noncommercial Share Alike 3.0 Unported License.