Last Call on Financial Reform!

Submitted by Mary Bottari on

Last call on financial reformToday, U.S. Senator Blanche Lincoln (D-Arkansas) was dragged into a meeting with Senate Majority Leader Harry Reid (D-Nevada), Senate Banking Chairman Chris Dodd (D-Conn.), Speaker Nancy Pelosi (D-Calif.) and House Financial Services Chairman Barney Frank (D-Massachusetts). It was a pile-on to ask her to agree to weaken her strong derivatives reforms to accommodate Wall Street. Lincoln made it clear she was not pleased with the pressure. "There are some that are not as interested in being as aggressive in making sure that the possibilities of this financial crisis don’t happen again,” the Arkansas Democrat told Roll Call after the meeting. The issue of derivatives will be taken up tomorrow in the House-Senate Conference Committee which is pounding out the difference between the two bills. Will they adopt the Senate version (which covers 90% of derivatives, with a narrow exemption for legitimate end-users like municipal gas companies) or the House version (which is riddled with loopholes and covers only 60% of derivatives trading)?

If you have time tomorrow morning for one last call, consider calling one of the Big Four in House and Senate leadership. Tell them nothing less that the Lincoln derivatives language (Sec. 716) will do! See the phone numbers below and if you would like to learn more please visit BanksterUSA today!

  1. Speaker of the House, Nancy Pelosi, (202) 225-0100
  2. Senator Majority Leader, Harry Reid (202) 224-3542
  3. Rep. Barney Frank, (202) 225-5931
  4. Senator Chris Dodd (202) 224-2823

Also, tell Senator Lincoln to hang tough: (202) 224-4843

Tell Senator Collins to stand by Lincoln: (202) 224-2523

Tell Senator Snowe to stand by Lincoln: (202) 224-5344

Banking
BanksterUSA
Democracy
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Mary Bottari
Mary Bottari

Mary Bottari is a reporter for the Center for Media and Democracy (CMD). She helped launch CMD's award-winning ALEC Exposed investigation and is a two-time recipient of the Sidney Prize for public interest journalism from the Sidney Hillman Foundation.

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Comments

mat replied on

There is no doubt anymore. Financial reform is mandatory. I just hope it wouldn't affect peoples lives as much as the current financial crisis does.

Don Allen replied on

The more the American people want reform, especially in the financial sector which nearly bankrupted this country, the more corrupt politicians succumb to the big money of Wall Street and reject reform. Something is wrong with this picture.

Anonymous replied on

I am a hard working American lived here all my life and just tried to refinance my mortgage and what a mess banks are. I talked with 4 banks on the phone to refi but each one denied my application. I have good equity about $50,000 but since I have ongoing work in the house they said I have to finish it before they give the loan? I never had this type of problem with the other 2 refi's in the past. Now it seems banks are only giving out loans to those of us who have the money as collateral. They also said they can't give the loan because my debts are a little high. I have been in the house by myself for 8 years paying everything myself and they said I am a risk? I am so mad at banks and I am hoping some of them go right out of business and I will still be in my house.

jeffdonovan replied on

The case on corruption and reform is just the same all over the world! as long as there are corrupt people even on the lowest branch, there is now way reform will be achieved.

Anonymous replied on

Something needs to be done with the banking industry and wall street. We are rebounding from the last recession/depression too quickly. There are too many people still unemployed and the banks don't seem to want to lend to the common American any more.

Burnsville Chir... replied on

As a small business owner I just want to thank the people who report these things and keep us informed. I am usually too busy running my own business to worry about trying to keep up with who was dragged in front of what committee, but this is important and I am glad that you are getting this information out there. Pick up your phones and call your elected officials.

Idol White replied on

Sorry, but it seems to me that Dodd and Frank are so deeply involved in already failing Freddie Mac and Fannie May, that I doubt they are capable to true reform. They are instrumental in creating some of this mess, yet they stand back and point their fingers at everyone else. I guess I'm losing faith in their effectiveness. <a href="http://idowhiteexposed.net">Idol White</a>

the SACOM group replied on

Blanche Lincoln policies are better. lincoln should not be pressurised too much.. there is not such a financial crises happen at this time.. it wont happen in future as well but let lincoln do her work

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