Well it looks like the GOP vs White House battle lines are drawn on bank regulatory reform. You would think after the meltdown last year and the fact that goldman sacs has just been charged with fraud they would wake up but I guess it time to get out the Democratic base to start making phone calls.
It’s On: McConnell Says He Has Support For Filibuster
Battle lines are drawn: Mitch McConnell’s office emails out a letter, signed by the entire GOP caucus, pledging to oppose the Dems’ financial regulatory reform plan unless they adopt a more "bipartisan" approach.
The letter repeats the widely-debunked claim that the reform plan would lead to endless bailouts, and claims the GOP caucus is "united" in opposition, suggesting McConnell has been able to keep the caucus together and prevent defectors:
A bipartisan bill should address the damaging financial practices of big Wall Street firms and government-sponsored entities that led to unprecedented taxpayer bailouts and caused our government to take on enormous amounts of debt. We simply cannot ask the American taxpayer to continue to subsidize this "too big to fail" policy. We must ensure that Wall Street no longer believes or relies on Main Street to bail them out. Inaction is not an option. However, it is imperative that what we do does not worsen the current economic climate or codify the circumstances that led to the last financial crisis.
We are united in our opposition to the partisan legislation reported by the Senate Banking Committee. As currently constructed, this bill allows for endless taxpayer bailouts of Wall Street and establishes new and unlimited regulatory powers that will stifle small businesses and community banks.
Way down at the bottom of the letter is the signature of Susan Collins, who was thought (fancifully) to be attainable by Dems.
The GOP is widely thought to be in a far weaker position this time than it was during the health care fight. It seems like a much bigger gamble to unanimously oppose financial regulatory reform, given public anger at Wall Street and the big banks, and given the GOP’s historic association with the sort of deregulation that helped lead to the current crisis.
But Republicans are rolling the dice. Dems are widely expected to introduce the bill next week and dare Republicans to maintain unity against it. Dems’ move.
Here is the full letter
http://theplumline.whorunsgov.com/...
President obama's letter to his supporters:
STAND WITH ME ON BANK REGULATORY REFORM
It has now been well over a year since the near collapse of our entire financial system that cost the nation more than 8 million jobs. To this day, hard-working families struggle to make ends meet.
We've made strides -- businesses are starting to hire, Americans are finding jobs, and neighbors who had given up looking are returning to the job market with new hope. But the flaws in our financial system that led to this crisis remain unresolved.
Wall Street titans still recklessly speculate with borrowed money. Big banks and credit card companies stack the deck to earn millions while far too many middle-class families, who have done everything right, can barely pay their bills or save for a better future.
We cannot delay action any longer. It is time to hold the big banks accountable to the people they serve, establish the strongest consumer protections in our nation's history -- and ensure that taxpayers will never again be forced to bail out big banks because they are "too big to fail."
That is what Wall Street reform will achieve, why I am so committed to making it happen, and why I'm asking for your help today.
Please stand with me to show your support for Wall Street reform.
We know that without enforceable, commonsense rules to check abuse and protect families, markets are not truly free. Wall Street reform will foster a strong and vibrant financial sector so that businesses can get loans; families can afford mortgages; entrepreneurs can find the capital to start a new company, sell a new product, or offer a new service.
Consumer financial protections are currently spread across seven different government agencies. Wall Street reform will create one single Consumer Financial Protection Agency -- tasked with preventing predatory practices and making sure you get the clear information, not fine print, needed to avoid ballooning mortgage payments or credit card rate hikes.
Reform will provide crucial new oversight, give shareholders a say on salaries and bonuses, and create new tools to break up failing financial firms so that taxpayers aren't forced into another unfair bailout. And reform will keep our economy secure by ensuring that no single firm can bring down the whole financial system.
With so much at stake, it is not surprising that allies of the big banks and Wall Street lenders have already launched a multi-million-dollar ad campaign to fight these changes. Arm-twisting lobbyists are already storming Capitol Hill, seeking to undermine the strong bipartisan foundation of reform with loopholes and exemptions for the most egregious abusers of consumers.
I won't accept anything short of the full protection that our citizens deserve and our economy needs. It's a fight worth having, and it is a fight we can win -- if we stand up and speak out together.
So I'm asking you to join me, starting today, by adding your name as a strong supporter of Wall Street reform:
http://my.barackobama.com/...
Thank you,
Barack Obama