With a large majority of Americans supporting robust oversight of Wall Street, Senate Republicans are not only blocking the reform debate, they are now offering a “package” that would dilute legislation reining in Wall Street and Big Banks–including fewer protections for consumers and weaker oversight. In the House, Republicans unanimously voted against common-sense financial reforms in December.
Senate Republicans offered counter-proposals on financial regulation reform on Tuesday that seek to water down portions of a massive Democratic bill that has been under development for months.
New York Times, Republicans Offer Alternative Financial Overhaul:
Senate Republicans have put forward an alternative proposal to the Democratic bill to overhaul the nation's financial regulations. A review of the 20-page summary of the proposal shows substantial differences from the Democratic measure, which has the support of the Obama administration…the Republican proposal would give consumer regulators fewer powers, and give the government less authority to rein in the activities of large financial companies, than the Democratic bill proposes to do.
New York Daily News, Senate Republicans block Wall Street financial reform for second straight day:
President Obama went to the heartland to pitch financial reform Tuesday, but unimpressed Senate Republicans blocked the overhaul for a second straight day…
“It’s one thing to oppose reform, but to oppose just even talking about reform in front of the American people, and having a legitimate debate, that’s not right,” Obama said. “The American people deserve an honest debate on this bill.”
For a second time in as many days, U.S. Senate Republicans mustered enough votes on Tuesday to block debate of a Democratic bill that would bring the biggest overhaul of financial regulation since the 1930s.
President Barack Obama and the Democrats want tighter rules on banks and capital markets to prevent a repeat of the 2008-2009 financial crisis, which tipped the economy into a deep recession and unleashed reform efforts worldwide.