Financial Overhaul Now Expected to Get Mid-December Vote

[SpartanDem]

Source: CQ

Legislation that would overhaul the way the nation’s financial industry is regulated may not move to the House floor until mid-December, Financial Services Chairman Barney Frank announced Tuesday morning.

Frank, D-Mass., previously had said that he expected floor debate on the package immediately after the Thanksgiving break. But he said Tuesday that leaders have indicated they will not bring up the legislation until the second or third week of December

There would be “at least two weeks and two days, may be three weeks and two days, for people to work on the bill” after the committee completes its work this week, Frank said.

The bills that would make up the package include proposals to create a Consumer Financial Protection Agency; regulate the over-the-counter derivatives market; impose new restrictions on credit ratings firms; beef up investor protections; and require registration of investment advisers of private pools of capital. Frank’s committee has approved all of them.


Read more: http://www.cqpolitics.com/wmspage.cfm?parm1=5&docID=cqmidday-000003249221

[amandabeech]

1. Has anyone really focused on this with the health care debate going on?

This is incredibly important legislation and it should get its non-holiday day in the sun. Or month in the sun.

Why is Barney pushing this out now?

[SpartanDem]

3. This isn't new

Congress started hearings on this before the August recess and Frank's committee spent most of the last month marking up bills so this has been moving along side health care for sometime. Now healthcare has overshadowed it to the point even today it seems like a lot of people don't even know that there are bills about to come to the house floor, but there is no practical reason for the House not to move on this issue.

[amandabeech]

7. There have been so few posts here.

I wish Barney Frank would delay so that we the people would have more time to concentrate on it.

I am afraid that a financial services bill flying under the radar, even from Franks' committee, will contain too many goodies for folks who don't need them.

[brewens]

2. The strategy may be to expose exactly the same people...

against financial reform that are against health care reform. Could even tea baggers be convinced that nothing needs to be done to reform the financial industry?
Can the republicans go all out to shoot down financial reform without looking bad? I should be interesting.

[Ruby the Liberal]

4. Still listening for the reinstatement of Glass Steagall

*crickets*

[zazen]

5. Byron Dorgan is suggesting something similar to Glass-Steagall, I believe

You can get updates and watch live and taped hearings at http://financialservices.house.gov/schedule.html.

I've been following it quite closely. Two NC Dems--Watt and Miller-- have been very active in keeping the legislation as strong as possible, despite some misreporting to the contrary.

[clear eye]

6. This is to regulate credit card terms and individual loan terms only.

The delay is to keep the extortionate charges up through the holiday buying season.

Unfortunately it has nothing to do w/ reregulating the banks overall. That still is not on the table.