Tag Archives: senate

Wall Street Reform Passes–Big Banks Celebrate

(Reuters) – The Congress on Thursday approved the broadest overhaul of financial rules since the Great Depression and sent it to President Barack Obama to sign into law. By a vote of 60 to 39, the Senate passed a sweeping measure that tightens regulations across the financial industry in an effort to avoid a repeat of the 2007-2009 financial crisis. President Barack Obama will likely sign the bill into law next week, the White House said. The legislation, opposed by the banking industry, leaves few corners of the financial industry untouched. It establishes new consumer protections, gives regulators greater power to dismantle troubled firms, and limits a range of risky trading activities in a way that would curb bank profits. The Senate vote caps more than a year of legislative effort after Obama proposed reforms in June 2009. The House of Representatives approved it last month. Although Obama originally had pushed for bipartisan support for an overhaul of financial regulation, only three Republican senators voted in favor of the bill, along with 55 Democrats and two Independents. With Republicans poised for big gains in the November congressional elections, Democrats are eager to show voters that they have tamed an industry that dragged the economy into its deepest recession in 70 years. “I regret I can't give you your job back, restore that foreclosed home, put retirement monies back in your account,” said Democratic Senator Christopher Dodd, one of the bill's chief authors. “What I can do is to see to it that we never, ever again go through what this nation has been through.” Along with the health-care overhaul, Democrats can now point out that they have passed two far-reaching reform efforts that will likely shape American society for generations. It is not clear whether that will impress voters. The public's understanding of the regulatory revamp is very low, according to an Ipsos online poll released on Thursday. Of those polled, 38 percent had never heard of the reform, while 33 percent had heard of it but knew nothing about the legislation. Other polls show the public divided about its merits. The bill has also won Democrats few friends on Wall Street as wealthy donors have started to steer more campaign contributions to Republicans. Financial markets showed little reaction on Thursday. Investors said passage was already priced into banks' share prices. Bank stocks have followed the overall market lower since April, weighed down by poor U.S. economic data and the belief that more regulation could crimp profits down the road. JPMorgan Chase & Co said the bill would not compromise its business model but might hurt profitability. “We'll have some effect on revenues and margins and volumes,” its chief executive, Jamie Dimon, said on a conference call. As the largest U.S. derivatives dealer, JPMorgan could have the most to lose from the bill, which aims to curb lucrative trading in risky over-the-counter derivatives and force banks to end trading for their own profits. FEW CORNERS OF INDUSTRY UNTOUCHED Under the 2,300-page bill, mortgage brokers, student lenders and other financial firms will have to answer to a new consumer-protection authority, though auto dealers will escape scrutiny. Regulators, who scrambled to contain the damage from failing firms like Lehman Brothers in the last crisis, will have new authority to dismantle troubled firms if they threaten the broader economy. A council of regulators will monitor big-picture risks to the financial system and many large banks will have to set aside more capital to help them ride out times of crisis. Large private-equity and hedge funds will face more scrutiny from federal regulators, and credit-rating agencies could potentially see their entire business model upended. Much of the $615 trillion over-the-counter derivatives market will be routed through more accountable and transparent channels, and banks will have to spin off the riskiest of their swaps clearing desk operations. http://www.reuters.com/article/idUSTRE66E0MD20100715 added by: ScottyT

Clinton advisor: Only a terror attack can save Obama

A former senior advisor to President Bill Clinton says that the only thing which can rescue Barack Obama’s increasingly tenuous grip on power as his approval figures continue to plunge is a terror attack on the scale of Oklahoma City or 9/11, another startling reminder that such events only ever serve to benefit those in authority. Buried in a Financial Times article about Obama’s “growing credibility crisis” and fears on behalf of Democrats that they could lose not only the White House but also the Senate to Republicans, Robert Shapiro makes it clear that Obama is relying on an October surprise in the form of a terror attack to rescue his presidency. “The bottom line here is that Americans don’t believe in President Obama’s leadership,” said Shapiro, adding, “He has to find some way between now and November of demonstrating that he is a leader who can command confidence and, short of a 9/11 event or an Oklahoma City bombing, I can’t think of how he could do that.” added by: maasanova

And the Senate Climate Bill Gets Weaker Still . . .

As expected, the Kerry-Lieberman climate bill has grown weaker still, relinquishing an economy-wide cap on carbon emissions and instead targeting only the utility sector for greenhouse gas reductions starting in 2013. And that’s still apparently too controversial for this Senate, as the conventional wisdom says not even a utility-only bill can get enough votes to pass. So here’s what evidently remains of the mess that’s left on the table in terms of clean energy and climate legislation this year: … Read the full story on TreeHugger

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And the Senate Climate Bill Gets Weaker Still . . .

Today Show Job Search Segment Turns Into Ad for Obama Agenda

A segment that was billed as a guide to help some of Today’s unemployed viewers find work, on Wednesday’s show, turned into a platform for the president of the liberal National Urban League to attack those who opposed the President’s plans, as he railed against those in Congress who have been filibustering extension of the unemployment benefits. Today co-anchor Matt Lauer, who hosted the segment, even prompted Morial to address how his organization was going to address the obstruction of the Democratic agenda in Congress, in the upcoming midterm elections, as he asked: “How much do you target candidates who have bad job policies…and support candidates who have good ones?” NBC’s Ann Curry, at the top of the 8:30am half hour of Today’s July 14 show, teased viewers that “Americans, on average, took about 17 weeks to find a job. Well today the number has actually doubled. It’s twice that. So the question is where should you be looking for work? We’ve got some answers this morning.” However when viewers tuned in for those answers they also got a not so veiled anti-Republican diatribe from the National Urban League’s Marc Morial as he chastised those who opposed Democratic measures. MATT LAUER: Marc, let me start with you. I mean 9.5 percent, that’s where the unemployment rate stands right now. It’s been stubborn, it’s not going down nearly fast enough and apparently this job crisis is not an equal opportunity unemployer. It’s striking minorities much harder, isn’t it? MARC MORIAL: African-Americans, the, the rate is more like 16 percent, for Latinos it’s 12 percent. There is no doubt that this recession has been tough for everyone but it’s been especially tough for communities of color. People are hurting. They’re hurting in a very significant fashion and many, many people who’ve worked their entire lives find themselves without work. The new unemployed, it’s a lavender recession. It’s white collar, blue collar, pink collar, it’s across the board, Matt, but especially tough for people of color. LAUER: When you talk about minority communities and you talk to the people in those communities, are you telling them you think the jobs are coming back or are they gone for good? MORIAL: We’re saying that steps have to be taken. And I think our message has been consistent throughout the year that it’s not gonna happen serendipitously. There’s gotta be public policy steps. There’s gotta be a concerted effort. In this nation we can’t tolerate the new normal of a nine percent unemployment rate. That’s not, that’s not acceptable. And right now Congress has been stalling, really the Senate through the use of the filibusters, been stalling an up or down vote on the extension of unemployment benefits, an expansion of the home purchase tax credit, summer jobs. LAUER: Right. MORIAL: These measures, while small, could help many, many people. Lauer then turned to Today’s financial editor Jean Chatzky who, finally, did offer the job seeking advice teased at the top of the half-hour, as she highlighted the best cities to look for new jobs. However Lauer then quickly returned to Morial who finished the segment with a pitch for the National Urban League and its efforts to help elect candidates in the midterms who will help advance the President’s agenda. LAUER: And you know Marc, let me ask you this. I mean we’re coming up to midterm elections here in a couple of months. How political does the National Urban League get with this? How much do you target candidates who have bad job policies, in your opinion, and support candidates who have good ones? MORIAL: I think we’ve got to highlight that there’s been a lot of stalling. The use of the filibuster in the Senate troubles me the most because what it’s done, it’s blocked legislation that would help the economic picture, while on the same time, the very same people who use the filibuster accuse the President and others of not doing enough. So we’ve got to highlight the fact that there’s sort of an inconsistency in that type of message. And jobs, jobs, jobs, are the most important issue we think this fall. LAUER: Marc Morial, Jean Chatzky. Folks thanks very much.

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Today Show Job Search Segment Turns Into Ad for Obama Agenda

CBS Continues to Pressure Congress to Extend Unemployment Benefits

On Saturday’s CBS Evening News, anchor Jeff Glor decided what should be at the top of Congress’s agenda as it returned from the July 4th recess: “Congress returns to Washington next week to face a big backlog of unfinished business, and topping the list is the future of unemployment benefits.” In a report that followed, senior White House correspondent Bill Plante chided elected officials for going on vacation without resolving the issue: “It’s been ten days since senators went home for their July 4th vacation without extending unemployment benefits ….They’ve now run out for more than 1.3 million people and the Labor Department says that number could rise to 3 million by the end of this month.”   Plante then touted Democrats blaming the GOP for the inaction: “As he campaigns for Democrats, the President paints the lack of new benefits as Republican heartlessness ….There were protests this week from labor unions against some Senate Republicans. This one in Lexington, Kentucky directed at the GOP leader Mitch Mcconnell, calling for action when the Senate returns next week.” Plante noted the Republican response to such claims: “But Mcconnell blames Democrats for refusing to cut spending to pay the $34 billion cost of the extension.” Saturday’s broadcast was taking over where CBS had left off prior to the holiday. As Congress adjourned on July 1 , fill-in Evening News anchor Scott Pelley proclaimed: “We have decided to start with the 1.3 million Americans whose unemployment benefits have run out, stopped cold, in the last 30 days. And we’re starting there because the U.S. Senate went on vacation today without solving the problem.” Correspondent Chip Reid then reported: “So who’s fault is that? On the surface, it appears Senate Republicans are to blame. Led by Mitch McConnell, they killed the bill with a filibuster. But McConnell points the finger at Democrats, especially Leader Harry Reid, for refusing to pay for the bill in this age of sky-high deficits.” Unlike the July 1 coverage, Saturday’s Evening News briefly highlighted the debate among economists over whether unemployment benefits even should be extended. Plante explained: “Some economists contend that unemployment benefits did not help that much in earlier recessions.” A clip was played of University of Maryland Professor Peter Morici citing past abuse of such benefits. Plante then noted: “Others believe the time paid for unemployment benefits is when the economy improves. They argue that the extension is needed right now.” A clip of Moody’s Analytics chief economist Mark Zandi was played: “It’s the most effective stimulus that can be provided….They get a check and they spend it and it helps the economy immediately.” Despite that back and forth, Plante concluded his piece by anticipating an extension of benefits: “When the Senate returns next week they will bring the benefit extension to another vote, but not until West Virginia’s governor appoints someone to fill the Senate seat of the late Robert Byrd. That should give the Democrats enough votes to pass the extension.” Also on the economic front, on Tuesday’s Early Show, Plante reported the results of a new CBS News poll , which “shows that the public, when it comes to the economy, has very little confidence in either Congress or the President.” He described how 54% of respondents disapprove of the President’s handling of the economy and that a majority believe the recession will last at least another two years. However, Plante tempered the bad news for the White House by noting: “He’ll [Obama will] blame Republicans for the policies which led up to the recession. And it may be small comfort for Democrats, but the public has just as low an opinion of Republicans in Congress.” Here is a full transcript of Plante’s July 10 Saturday Evening News report: 6:35PM ET JEFF GLOR: Congress returns to Washington next week to face a big backlog of unfinished business, and topping the list is the future of unemployment benefits. Senior White House correspondent Bill Plante has more tonight. BILL PLANTE: It’s been ten days since senators went home for their July 4th vacation without extending unemployment benefits. ROLAND BURRIS [SENATOR, D-ILLINOIS]: The motion is not agreed to.                                  BILL PLANTE: They’ve now run out for more than 1.3 million people and the Labor Department says that number could rise to 3 million by the end of this month. As he campaigns for Democrats, the President paints the lack of new benefits as Republican heartlessness. BARACK OBAMA: They said no to extended unemployment insurance for folks who desperately needed help. PLANTE: There were protests this week from labor unions against some Senate Republicans. This one in Lexington, Kentucky directed at the GOP leader Mitch Mcconnell, calling for action when the Senate returns next week. But Mcconnell blames Democrats for refusing to cut spending to pay the $34 billion cost of the extension. MITCH MCCONNELL: The only reason the unemployment extension hasn’t passed is because our friends on the other side simply refuse to pass a bill that does not add to the debt. PLANTE: Some economists contend that unemployment benefits did not help that much in earlier recessions. PETER MORICI [UNIVERSITY OF MARYLAND]: Unemployment was a terribly intractable problem and we had big benefits. And many folks abused those benefits to stay out of the labor force to do other things they were interested in doing. PLANTE: Others believe the time paid for unemployment benefits is when the economy improves. They argue that the extension is needed right now. MARK ZANDI [CHIEF ECONOMIST, MOODY’S ANALYTICS]: It’s the most effective stimulus that can be provided. Many of these people are very hard pressed. They get a check and they spend it and it helps the economy immediately. PLANTE: When the Senate returns next week they will bring the benefit extension to another vote, but not until West Virginia’s governor appoints someone to fill the Senate seat of the late Robert Byrd. That should give the Democrats enough votes to pass the extension. Jeff. GLOR: Bill Plante at the White House tonight. Bill, thank you. 

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CBS Continues to Pressure Congress to Extend Unemployment Benefits

Chris Matthews Stars in Future Marco Rubio Campaign Commercial

Are you happy with the job that the Obama administration and the Democrats are doing? If so, then vote for Charlie Crist for the U.S. Senate because Chris Matthews happily proclaimed that Crist is going to be the new star in the Democrat caucus. However, if you are dissatisfied with the direction this nation is going and want to change it, then Marco Rubio will be your choice which is why your humble correspondent won’t be a bit surprised to see this video of Matthews making his proclamation about Crist on Morning Joe end up as a Rubio campaign commercial. Here is a transcript of Matthews delivering his kiss of death product endorsement of Charlie Crist: Charlie Crist is going to be the new star of the Democratic caucus in the Senate. He’s going to be a major player in the Democratic Party down the road. He’ll be a moderate Democrat somewhere in the middle. I think he’s very shrewd and nimble. This sudden Matthews infatuation with Charlie Crist stands in sharp contrast with his attitude back in May when he was sharply critical of the Florida governor’s performance on Meet The Press where he played coy by avoiding a direct answer about which party he would caucus with and for whom he would vote for Majority Leader of the Senate as you can see in the video below: Here is a transcript of Matthews’ disgust with Crist at that time: …I used to sort of like Charlie Crist but he’s off-base on that. You have to join a party caucus before you can vote for leader. He can’t decide which leader he’s going to vote for because he’s not even voting. He must join a caucus then you get to vote for which person leads that caucus. That’s how it’s done. He doesn’t seem to know that or he rejects knowing it. What do you think? Is he just ignorant or is he playing a game here? So what changed in the past couple of months to cause Matthews to move from disgust with Charlie Crist to developing a “strange new respect” for the Florida governor? Most likely it was the realization by Matthews and fellow liberals that the likely Democrat nominees, Kendrick Meek or billionaire Jeff Greene, have little or no chance of winning the general election in November. Therefore the best chance of promoting the liberal agenda in the Senate would be to back Charlie Crist running as an independent who was too liberal to win the Republican nomination. And Marco Rubio should thank Matthews for that wonderful future campaign commercial clip reminding Florida voters (many of whom still mistakenly think of Crist as a Republican) that Charlie is a Democrat.

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Chris Matthews Stars in Future Marco Rubio Campaign Commercial

Oh, No! On Independence Day, CBS Frets Congress Becoming ‘Paralyzed’ Over ‘Fear of the Deficit’

West coast viewers got to see a July 4 CBS Evening News on Sunday, and those who tuned in saw CBS’s interim “report card” on Congress’s performance so far. Under the headline of “unfinished business,” correspondent Wyatt Andrews and his sole expert, Politico’s Jonathan Allen, both fretted how Congress is now “paralyzed” due to a “growing fear of the deficit.” Many Americans are probably wishing Congress had become “paralyzed” a few trillion dollars ago. Andrews rued that supposedly job-creating “stimulus spending” may be sacrificed if enough congressmen feel deficit spending is now “political Kryptonite.” Many members of Congress especially those in tough re-election campaigns are home right now, trying to figure out the spending issue: Will voters support more stimulus spending if it directly leads to jobs, or has deficit spending itself become political Kryptonite? CBS’s main example of congressional indecision, however, was an urgently-needed Afghanistan war funding bill that the Senate has nearly doubled with additional spending, pushing it from $33 to $60 billion, and that has ballooned in the House to $80 billion. That doesn’t sound like a Congress that is becoming cowed by the need to throttle back spending. Here’s the transcript of the piece from the July 4 Evening News; you can watch video at CBSNews.com: ANCHOR RUSS MITCHELL: Congress has had some notable successes this year in health care and education reform along others. But members have a lot of catching up to do when they return from their holiday recess in a week and a half. Wyatt Andrews has more. CORRESPONDENT WYATT ANDREWS: As members of Congress streamed from the Capitol Thursday night, they were leaving for a ten-day break, but escaping a long list of unfinished business. Despite repeated demands for final action- REPRESENTATIVE JOHN LEWIS: Do not be afraid to vote with your heart, and your conscience. ANDREWS: -action was hard to find. The extension of unemployment benefits, funding for the war in Afghanistan, funding for 100,000 teachers, Wall Street reform, and campaign finance reform were all either stuck, or stalled, or rejected and presumed dead. [to Jonathan Allen] How much of that did they get done? The POLITICO’s JONATHAN ALLEN: They got absolutely none of it done before the July 4th break. ANDREWS: Zero? ALLEN: Zero. WYATT ANDREWS: Jonathan Allen of Politico, who’s covered the Hill for eleven years, calls Congress unusually paralyzed this time because of a growing fear of the deficit. ALLEN: You see that paralysis in Congress where there are these sort of conflicting impulses of, ‘We’ve got to do something to help,’ but ‘We can`t do that because it cost too much money.’ ANDREWS: The latest example is funding for Afghanistan. The administration asked for $33 billion, but the Senate bill totaled $60 billion by tacking on spending for veterans — and the House bill, by adding extra money for teachers, totaled $80 billion. Because the two bills are different and bitterly contested, money the Defense Department said it needed to fight the war now is on hold. SECRETARY OF DEFENSE ROBERT GATES: We begin to have to do stupid things if the supplemental isn’t passed by the Fourth of July recess. WYATT ANDREWS: Many members of Congress especially those in tough re-election campaigns are home right now, trying to figure out the spending issue: Will voters support more stimulus spending if it directly leads to jobs, or has deficit spending itself become political kryptonite? Wyatt Andrews, CBS News, Capitol Hill.

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Oh, No! On Independence Day, CBS Frets Congress Becoming ‘Paralyzed’ Over ‘Fear of the Deficit’

CBS Legal Correspondent: Senate Democrats Can Blame Themselves for Kagan Confirmation Difficulties

There have been a lot of complaints from the left over the opposition Supreme Court Justice nominee Elena Kagan has faced from Senate Republicans in her battle to win confirmation. But Kagan proponents should have seen this day coming when Democrats in the Senate did the same things to try to slow the confirmations of Justices John Roberts and Samuel Alito. On CBS’s July 4 “Face the Nation,” CBS legal correspondent Jan Crawford explained why. Previously throughout these types of confirmation processes, the Senate would approve a President’s nominee, assuming the candidate was qualified. But President Barack Obama, Vice President Joe Biden and Senate Judiciary Chairman Sen. Patrick Leahy, D-Vt. all set a new precedence when George W. Bush was president. “Historically, [Kagan] would have been confirmed like Justice Ginsburg was, 96-3, or Justice Breyer, 87-9, but things changed. I mean, things changed 10 years ago, when Democrats started filibustering President Bush’s qualified nominees,” Crawford said. “I had a talk about all this — I guess, what, five or six years ago with Mitch McConnell. You know, he said memories are long in the U.S. Senate. People remember what the Democrats — including President Obama, Vice President Biden, Judiciary Committee Chairman Patrick Leahy — did. ” According to Crawford, this will ultimately change the public’s perception of the Supreme Court. “They not only voted against Sam Alito, who is just as qualified as Elena Kagan in really every way, had liberal support. They voted to block his nomination. So in some ways, what goes around comes around. She’s going to get confirmed, but there’s also a little bit of payback here, and she’s not going to get 96 votes like Justice Ginsburg. And the – – the — the problem with that is that it damages — ultimately, the loser, it’s not Elena Kagan. She’s going to get confirmed. It’s the courts. I mean, it makes the Supreme Court look in the people’s mind politicized. When you have these bipartisan votes on qualified nominees, the danger is the court itself looks political. And I think that’s a real problem long term.” And Crawford said she thinks this partisan gridlock needs to stop, regardless who is to blame. “But, you know, I mean, listen, I mean, in some ways, it’s like, you know, my 9-year-old will say, ‘You know, she started it,’ referring to my 6-year-old,” Crawford said. “At some point, somebody has got to be a grown- up and say, ‘Listen, I don’t care who started it. We’re going to stop it, and let’s realize what the stakes are here.'”

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CBS Legal Correspondent: Senate Democrats Can Blame Themselves for Kagan Confirmation Difficulties

BP Spill Bill Advances in the Senate

Photo via TMC Net This legislation seems like a no-brainer: A bill that takes steps to prevent another such disaster, in the wake of the worst oil spill in the history of both the Gulf and the United States. Thankfully, such a bill — one that requires deep water drilling be better regulated, demands oil companies employ more preventative measures and have thorough response plans, and eliminates the ‘liability cap’ on how much those companies must pay in damages when they cause a spill — is advancing in the Senate. In other words, it may not be long before we see a ‘BP spill bill’. Here are th… Read the full story on TreeHugger

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BP Spill Bill Advances in the Senate

Supreme Court Nominee Elena Kagan Dodges ‘Twilight’ Debate

Senator asks solicitor general about ‘famous case of Edward vs. Jacob’ during confirmation hearing. By Gil Kaufman U.S. Supreme Court nominee Elena Kagan at her Senate Hearing on Thursday Photo: Brendan Smialowski/Getty Images She faced tough questions on abortion, banning military recruiters from campus and a host of other constitutional issues during her two days in front of the Senate Judiciary Committee. And, like most recent Supreme Court nominees, Solicitor General Elena Kagan declined to offer her opinions on issues that might come up before the court should she be confirmed for a spot on the nation’s top bench. She swatted away tough questions from a number of Republican inquisitors with a smile and good humor. But when it came to the most crucial issue of our time, the question that has vexed so many (OK, not a single one) previous Supreme Court nominees — is she Team Jacob or Team Edward? — Kagan refused to bend. Kagan professed she was not really aware of the “Twilight” phenomenon when asked a question about which team she was on by Minnesota Democratic Senator Amy Klobuchar. “Solicitor General Kagan, you had an incredibly grueling day yesterday and did incredibly well,” Klobuchar said. “But I guess it means you missed the midnight debut of the third ‘Twilight’ movie last night. We did not miss it in our household, and it culminated in three 15-year-old girls sleeping over at three a.m.” “I didn’t see that,” Kagan laughed. “I just had a feeling. I keep wanting to ask you about the famous case of Edward vs. Jacob or the vampire vs. the werewolf,” Klobuchar said on Wednesday. With a smile, Kagan said, “I wish you wouldn’t.” And so, as with Lady Gaga , we may never know which side Kagan lands on in the vampires vs. werewolves debate, but at least we know she got asked the tough questions. What team do you think Solicitor General Kagan is on? Should it make a difference in her confirmation to the Supreme Court? Let us know by leaving a comment below. Related Photos ‘The Twilight Saga: Eclipse’

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Supreme Court Nominee Elena Kagan Dodges ‘Twilight’ Debate