Wall Street Bill Headed Back To Conference


We support reforms to the financial marketplace that protect consumers from unscrupulous banks and lenders.

By Consumers Union on Tuesday, June 29th, 2010

Most Americans feel that the banks should be required to pay for their own reckless behavior and risky investments that got the country in this financial mess. However, Republicans are showing that they are not afraid to stand up for those who cannot stand up for themselves- In one letter to to Rep. Barney Frank (D-Mass.) and Sen. Chris Dodd (D-Conn.) there was

“strong opposition” to the fees that were added in the conference process between House and Senate lawmakers last week.

Mind you everytime that higher fees are mentioned it is a higher fees on the banks instead of your tax dollars being used. The same banks that caused this mess in the first place. Shouldn’t Big Banks be exactly the ones to fund this bill?
From the New Mexico Independent

The bill as written would have instituted a tax on banks and hedge funds, generating around $20 billion over five years. This was not in the version of the bill the Senate passed, but it was included in the bill that came out of late-night negotiations between the House and Senate last Thursday night/Friday morning.

The House and Senate must both pass identical versions of legislation in order for the bill to be sent to the president’s desk. When the two chambers have different versions of a piece of legislation, they generally go through a conference committee to reconcile the differences.

Tell us what you think about Banks paying higher fees to cover the cost of this bill in the comments.

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