We should support Obama on his call to restrict the big banks from growing even bigger. It’s more than the Senate is coming out with and if we don’t support him on this, what the hell is going to happen. Obama is going in the right direction on this one and he is getting no support from others.
If this rule gets no support, the Senate will pass a bill that does NOTHING to change Wall Street and keep this economy safe or full of opportunity for the average person. NOTHING.
Call Your Senator now — just use this tool to get your senators numbers or email addresses: Please do this right now.
As Dodd is being political and writing no reform into his reform bill, he dared to call Obama’s plan political: “In a hearing last month, Dodd said the Obama administration proposal, named for former Federal Reserve Chairman Paul Volcker, was viewed by some lawmakers as “transparently political and not substantive.”’
The Obama administration put forward legislation on Wednesday to rein in the size and scope of the nation’s largest banks. But the proposal faces strong resistance in Congress, where lawmakers have shown little appetite for adding to the prolonged debate on overhauling financial regulations.
The legislation would ban banks that take federally insured deposits from investing in hedge funds or private equity funds and from making trades that are for the benefit of the banks, not their customers, a practice known as proprietary trading.
Goldman Sachs and Morgan Stanley would probably be the Wall Street firms most affected by the ban, known informally as the Volcker Rule, but they might be able to shed their status as bank holding companies, to avoid some of the restrictions.
Archein