This is very good news on the financial reform front.
A group of Democrats, joined by Senate Majority Whip Dick Durbin of Illinois, are planning an aggressive spring offensive to strengthen key provisions of the financial reform bill — and daring Senate Republicans to vote against them.
“Given that [large financial firms] steered this country into the ditch, it’s going to be very hard to stand up on the floor and say don’t do financial reform or do it without teeth,” said Sen. Byron Dorgan (D-N.D.). “There are a number of people in our caucus who feel like there are things that can be done to strengthen it.”
Liberal Democrats believe widespread frustration across the country with Wall Street bailouts will make it difficult for Senate Republicans to mount a full-scale opposition to the legislation, particularly as voters near the midterm elections this fall.
That Durbin is pushing the effort is important--it's Senate leadership. He and Dorgan are joined by Bernie Sanders, Barbara Boxer, Jeff Merkley, Robert Menendez and Sherrod Brown. This should be a no-brainer, politically. Force the Republicans to stand with the banksters or with the American people. Anger at Wall Street is something that cuts across the political spectrum. As one Dem aide told Politico for the article, "“If they pass something and it’s relatively strong, it’s seen as a big victory for consumers, and if they get a strong Republican pushback, electorally Democrats think they would benefit from it."
It would be hard for Republicans, in an election year, to fight too hard for the banksters. Dems need to press that advantage and enact--at the very least--reform that has an independent CFPA.