Tuesday, October 7, 2014

We need a democrat win in senate. here is why.

Republican win in senate would put Watt in the power to release before republican president in 2016.

BUT

We need a democrat win in senate. here is why:

The Democratic majority in the Senate has blocked House attempts at sweeping changes to the reform law, agreeing only to a few revisions of a statute addressing insurance regulation. There is palpable concern on Wall Street that Sen. Sherrod Brown (D-Ohio), known for his tough stance on big banks, could take the helm of the committee if his party retains control of the chamber. The liberal Democrat has championed legislation to force big banks to sock away more capital to guard against another economic downturn, a bill the industry excoriated as being too severe.

Who is Brown? Apr 8, 2014 

http://www.bloomberg.com/news/2014-04-08/brown-says-fannie-mae-revamp-won-t-become-law-this-year.html

Brown said the measure could allow for more concentration of too-big-to-fail banks. He said there could be simpler ways to replace Fannie and Freddie.
“The affordable housing standards issue and the duty to serve I think are important,” Brown said. “I don’t think they’re addressed in the way they should be. I think there is increasing sentiment I hear from people from all over the financial services sector, from Wall Street to community banks tocredit unions, that say, ‘How is this going to work?’”

‘So Complicated’

He also said he doesn’t see pressure from the White House to move legislation since Gene Sperling, the former director of the National Economic Council, left the Obama administration. “Now that Gene’s gone, I feel a little less interest in the White House.”
Brown said eliminating Fannie and Freddie may not be necessaryHedge funds have lobbied Congress to re-capitalize the companies instead of winding them down.
“That this isn’t as broken as it was, or it isn’t as broken as people think it is, doesn’t mean we defend it, doesn’t mean we don’t improve it, but we don’t do something so complicated,” Brown said.

Brown is a possible future chairman of the banking panel. Johnson is retiring after the 2014 election, which may lead to Brown’s elevation should some Democrats opt for other panel slots and the Democrats retain majority control of the Senate.

2 comments:

  1. not to mention that even less would get done in washington if (R)'s took the senate.
    since (R)'s took the house in 2010, what good has come?
    (R)'s have nearly forced a default, as they tried to avoid paying for their own policies, which also resulted in the sequester (a cost of more than a million jobs)
    then (R)'s shut down government, costing the economy 20 billion.

    ReplyDelete
    Replies
    1. Turns out it will be a Republican win and Watt will be the Dems go to guy on housing NOW.

      Delete

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