Democrats Soften Financial Bill
By DAMIAN PALETTA and KARA SCANNELL
WSJ
WASHINGTON -- Congressional Democrats and the White House are softening some elements of the Obama administration's proposal to overhaul financial-market supervision as they begin a push to win broader support for the bill.
So far, Democrats and the White House haven't budged on the main tenets of the effort, which include tougher regulation of the country's largest financial companies and the creation of a new agency to protect consumers. But the changes are nonetheless significant and could eliminate some of the more polarizing aspects of the plan.
Republicans remain opposed to many parts of the proposal, and Democrats will have to count on broad support from within their ranks. Some of the changes reflect ideas pushed by conservative Democrats, which suggests an effort to ensure the party lines up behind the bill.
House Financial Services Committee Chairman Barney Frank (D., Mass.) told lawmakers the plan would no longer require banks to offer customers "plain vanilla" versions of products such as mortgages and credit cards, one of the more populist components of the White House's proposal that had become a lightening rod of criticism from conservative Democrats, Republicans and business groups.
(Original here.)
WSJ
WASHINGTON -- Congressional Democrats and the White House are softening some elements of the Obama administration's proposal to overhaul financial-market supervision as they begin a push to win broader support for the bill.
So far, Democrats and the White House haven't budged on the main tenets of the effort, which include tougher regulation of the country's largest financial companies and the creation of a new agency to protect consumers. But the changes are nonetheless significant and could eliminate some of the more polarizing aspects of the plan.
Republicans remain opposed to many parts of the proposal, and Democrats will have to count on broad support from within their ranks. Some of the changes reflect ideas pushed by conservative Democrats, which suggests an effort to ensure the party lines up behind the bill.
House Financial Services Committee Chairman Barney Frank (D., Mass.) told lawmakers the plan would no longer require banks to offer customers "plain vanilla" versions of products such as mortgages and credit cards, one of the more populist components of the White House's proposal that had become a lightening rod of criticism from conservative Democrats, Republicans and business groups.
(Original here.)
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1 Comments:
Wow! Where have the original, libertarian-leaning Democrats from Jefferson to Cleveland gone? All that seems to be left are Marxists who want to bring America back into the Old World fold, where poverty and tyranny are the custom. Read THE CHANGING FACE OF DEMOCRATS from Amazon.com or www.claysamerica.com and find out.
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