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Senate Dems Using Wall Street Bill for Political Headlines

Senator Harry Reid (D-NV) has called for a vote today at 5:00 PM on the Wall Street bill despite a letter signed by all 41 Republicans that the bill, as presently constituted, is dead. The Republicans are demanding a bipartisan bill with a number of changes if Democrats expect the legislation to be considered.

A source inside the US Senate speaking on condition of anonymity told Virginia Right! that Reid is well aware the bill is dead, and that the Democrats have no plans to enact the legislation at this time, they just want to challenge the Republicans, and blame them for supporting Wall Street over Main Street.

But nothing could be further from the truth. According to the source, a Wall Street bill will be passed this year, there is no doubt. Republicans favor safeguarding the solvency of these institutions to prevent another bailout of “too big to fail” institutions.

The Republicans take issue with three main portions of the bill. The first, and most widely known, are bailouts. While President Obama claims there are no bailouts, even the Democrats aren’t denying this one with much enthusiasm. The bill absolutely contains the likelihood of Taxpayer funded bailouts.

The second issue Republicans have with the bill is what will be done with the derivatives market. According to the Senate Source, Treasury Secretary Tim Geithner wants to allow US trades in the market, but not in overseas derivatives markets. But some Democrats, including Blanche Lincoln (D-AR) want to completely prohibit derivative trading. A compromise between the Democrats is apparently in the works today, but as usual with these Democrats, the bill Reid wants to vote on tonight has still not been completed BY THE DEMOCRATS. Not to mention that the House and Senate bills are 100% partisan Democratic bills.

A third, and perhaps most troubling section of the bill gives Treasury Secretary Geithner absolute power and authority to decide which banks are in trouble, and the method of liquidation, as well as control over funds to prop the banks up, if he deems that necessary (bailouts).

The Republicans will be called unreasonable after tonight’s vote for not supporting this “Consumer Protection Agency” with unchecked powers granted to non-elected officials.

What Republicans want is, however, reasonable and necessary. Judicial review and Congressional Approval. Allowing one unelected administrator to control such power is unacceptable.

The Republicans promise a bill, but not without reasonable checks and balances and oversight. Anything less, they promise a fight, knowing that this fight is what Democrats are counting on to help them in November.

About Tom White

Tom is a US Navy Veteran, owns an Insurance Agency and is currently an IT Manager for a Virginia Distributor. He has been published in American Thinker, currently writes for the Richmond Examiner as well as Virginia Right! Blog. Tom lives in Hanover County, Va and is involved in politics at every level and is a Recovering Republican who has finally had enough of the War on Conservatives in progress with the Leadership of the GOP on a National Level.

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Tom White Says:

Nothing is more conservative than a republican wanting to get their majority back. And nothing is more liberal than a republican WITH a majority.

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