FinReg's: Brown-Kaufman gaining momentum, To break up the banks?

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FinPro's picture
FinPro
Status: Bronze Member (Offline)
Joined: Oct 20 2009
Posts: 49
FinReg's: Brown-Kaufman gaining momentum, To break up the banks?

It's coming on show time for debate over financial reform.  Senators Sherrod Brown and Ted Kaufman have sponsored a bill to limit bank size to 10% of national deposits and liabilities to 2% of national GDP.  It is NOT currently part of the proposed legislation and will need heavy public support to get its due on the floor of the Senate.

http://www.bloomberg.com/apps/news?pid=20601070&sid=a10JHmhk6R_s

Two authors, Simon Johnson and James Kwak, wrote 13 Bankers, a book widely circulated in Washington that argues for the break up of the banks.  They have hit the road pretty hard with it and invited the bankers for public debate.  I have expressed support and believe it is consistent with the feelings of many on CM.  Please, consider extending support with your Senator.

Lots more at baselinescenario.com.  I suppose food for thought is its supposed negative effects on american competitiveness in banking, but gaining stability, reversing TBTF and putting the banks back at the beck and call of the Fed make up for them, IMO.

FinPro's picture
FinPro
Status: Bronze Member (Offline)
Joined: Oct 20 2009
Posts: 49
Re: FinReg's: Brown-Kaufman gaining momentum, To break up ...

Its not over.  It got a vote!

Denny Johnson's picture
Denny Johnson
Status: Gold Member (Offline)
Joined: Aug 13 2008
Posts: 348
Re: FinReg's: Brown-Kaufman gaining momentum, To break up ...

Ja.......but unfortunately it was voted down.

Here's a Letter to the Editor that I have sent to the local paper. If anyone wishes to copy/edit it for their own use, please do.

SCORECARD: Too Big to Fail

On May 6th the Senate voted on the Brown/Kaufman amendment to limit the size and leverage of the "Too Big to Fail" Wall Street banks. Unfortunately it was voted down.

This amendment was the best proposal for dealing with the power of the big banks to disrupt our economy and political system, and to minimize the 'need' for future taxpayer bailouts.

Senator Frankin voted for the amendment in the best interest of the taxpayers.

Senator Klobuchar voted against the amendment in the best interest of the Wall Street banks.

I can't help but think that it was either a lack of wisdom or a lack of integrity on her part, in either case, I don't believe that she deserves to represent the taxpayers of Minnesota. Something to think about if she runs for re election.

Denny Johnson's picture
Denny Johnson
Status: Gold Member (Offline)
Joined: Aug 13 2008
Posts: 348
Re: FinReg's: Brown-Kaufman gaining momentum, To break up ...

Here's how your senators voted:

http://senate.gov/legislative/LIS/roll_call_lists/roll_call_vote_cfm.cfm?congress=111&session=2&vote=00136#position

This is a great op to expose and put pressure on those who voted against the amendment. It seems a difficult to defend position for those thinking about re election.

Hopefully you're right FinPro, "It's not over."

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