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New Senate Bill to Toughen Stance on Banks

Evans Liberal Politics
March 15, 2010

 

New Senate Bill to Toughen Stance on Banks

 

Dodd Bill to Toughen Stance Against Banks, The Wall Street Journal, March 15, 2010, by Damian Paletta, excerpt quoted verbatim:

WASHINGTON — Senate Banking Committee Chairman Christopher Dodd (D., Conn.) is finalizing a bill to rework financial market rules that is expected to be tougher against banks than previously expected, people familiar with the matter said.

image of the Capitol rotunda with a background of money currency in large bills

Though details of the bill could still change before it is introduced Monday, some details emerged Saturday as aides and White House officials conferred.

The biggest winner in the bill appears to be the Federal Reserve, which would see its powers expand considerably. Large financial companies, particularly big banks, could emerge as the biggest losers. They would face much higher scrutiny from bank supervisors and potentially face sanctions for violating consumer protection rules by an autonomous new division within the Fed.

Big banks could also be forced to comply with certain state consumer protection rules, a move that would be considered a huge win for consumer advocates and a blow to a financial industry that had lobbied against such a move.

The bill’s ultimate prospects are still cloudy. No Republicans are expected to initially support it, though Democrats hope they can eventually win support.

Mr. Dodd has spent months negotiating the bill with multiple Republicans, first Sen. Richard Shelby of Alabama and later Sen. Bob Corker of Tennessee. Mr. Dodd eventually broke off negotiations with both lawmakers in succession, and announced Thursday he would forge ahead without Republican backing.

A central plank in the bill would give the government the power to seize and dismantle a large, failing financial company. This provision is intended to prevent the government from having to launch another ad hoc taxpayer-funded bailout, like the one that bailed out American International Group Inc. in late 2008. To pay for this power, the government is expected to require the largest financial companies to pay a combined $50 billion into a fund that one day could be used to arrest a failing company.

A key change in Mr. Dodd’s bill from just a few days ago is a provision giving the Federal Reserve, which appeared to be on political life support just a few months ago, the power to supervise any bank or financial company with more than $50 billion in assets. Treasury Department officials lobbied aggressively for this change. Treasury Secretary Timothy Geithner and Fed Chairman Ben Bernanke have argued the Fed should play a central role in bank supervision.

Even though this would appear to shrink the Fed’s authority from where it is today—the central banks examines more than 5,000 bank-holding companies of all sizes—the provision would still allow the Fed to have a primary presence in most of the U.S.’s largest financial institutions.

Read the full article, here.

See Breaking: Dodd Proposes Dramatic Shake-Up Of NY Fed, Daily Kos, March 15, 2010, by bobswern, excerpt quoted verbatim:

According to a breaking story in the New York Times, over the past hour, we’re learning that Senator Chris Dodd (D-CT) is proposing to put a saddle of historic proportions — as part and parcel of his Senate Banking, Housing and Urban Affairs Committee’s financial regulatory reform legislation — on Wall Street’s control of the New York Federal Reserve branch. (See: “With Nods to Both Sides, Dodd Will Introduce Bill.”)

Dodd is proposing to wrest control of the appointment of the head of the NY Fed from its member banks and make it a White House appointment, instead. Another rule being proposed in the latest draft of his committee’s financial regulatory reform legislation, to be unveiled tomorrow morning at 9:45AM, would prohibit member bank officers from sitting on the NY Fed’s board.

Health Care Reform: What Is Reconciliation and How It Works

Evans Liberal Politics
March 13, 2010

 

Health Care Reform:
What Is Reconciliation
and How It Works

 

Reid Calls Republicans Liars

Evans Liberal Politics
March 12, 2010

 

Reid Calls Republicans Liars

 

Reid Calls Republicans Liars, Daily Kos, March 12, 2010, by DanK is Back, quoted verbatim:

I’ve just read the actual text of the reconciliation letter Harry Reid sent to Mitch McConnell. Here is just one part that jumped out at me:

[M]any Republicans have spent the past year mischaracterizing the health reform bill and misleading the public. Though we have tried to engage in a serious discussion, our efforts have been met by repeatedly debunked myths and outright lies.

Nice use of Senatorial language, isn’t it?

He goes on:

After watching these tactics for nearly a year, there is only one conclusion an objective observer could make: these Republican maneuvers are rooted less in substantive policy concerns and more in a partisan desire to discredit Democrats, bolster Republicans, and protect the status quo on behalf of the insurance industry.

Sounds like Reid’s been taking lessons from Anthony “GOP Is ‘Wholly Owned Subsidiary Of The Insurance Industry” Weiner.

And…

While Republicans were distorting the facts in the health care debate and inflicting delay after needless delay, millions of Americans have continued to suffer as they struggle to afford to stay healthy, stay out of bankruptcy and stay in their homes. Thousands of Americans lose their health care every day, and tens of thousands of the uninsured have lost their lives since this debate began. Meanwhile, rising health costs have contributed to a rising federal budget deficit.”

The Tide is Turning on HCR

Pollster.com poll showing a turning tide of public opinion on health care reform

Reid then – finally – responds to GOP charges that reconciliation is uncalled for or has never been used for anything this big:

There is nothing unusual or extraordinary about the use of reconciliation. As one of the most senior Senators in your caucus, Sen. Judd Gregg of New Hampshire, said in explaining the use of this very same option, “Is there something wrong with majority rules? I don’t think so.” ….

[R]econciliation would be used to make a modest number of changes to the original legislation, all of which would be budget-related.

(An argument many of us had wished Reid had made during the White House health care summit.)

Reid also calls them out for being the Party of NO:

As has been well documented, your caucus conspicuously shattered the record for obstruction last Congress by demanding gratuitous procedural votes on even the most non-controversial matters, and by stalling the work of the Senate despite the urgency of the serious problems facing our country.

Nonetheless…

Keep in mind that reconciliation will not exclude Republicans from the legislative process. You will continue to have an opportunity to offer amendments and change the shape of the legislation. In addition, at the end of the process, the bill can pass only if it wins a democratic, up-or-down majority vote. If Republicans want to vote against a bill that reduces health care costs, fills the prescription drug “donut hole” for seniors and reduces the deficit, you will have every right to do so.

IOW, if you want to vote to be a loser, we will be glad to accommodate you.

So far, I have found no reply from McConnell. I suppose it is difficult to do so when you’re foaming at the mouth. Or wondering where Harry Reid suddenly found his nerve.

I will not, under the circumstances, use the usual metaphor. It would be inappropriate. But I will take this opportunity to offer prayers and best wishes for his wife and daughter, and a speedy and complete recovery.

(Title changed slightly. Reid wasn’t singling out McConnell as a liar, but Republicans in general.) [See below for more on the health care reform bill.]

See Are Democrats Really Scrapping Abortion Negotiations With Stupak?, Talking Points Memo DC, March 12, 2010, by Brian Beutler, excerpt quoted verbatim:

The Associated Press raised a lot of eyebrows today with this piece, implying that negotiations over the abortion provision in the Senate health care bill had fallen apart.

“House leaders have concluded they cannot change a divisive abortion provision in President Barack Obama’s health care bill and will try to pass the sweeping legislation without the support of ardent anti-abortion Democrats,” they reported.

Democratic Rep. Henry Waxman of California, chairman of the Energy and Commerce Committee, said the leadership will press ahead without reworking the abortion provision, which opponents say falls short in restricting taxpayer dollars for abortion coverage. He predicted some of the anti-abortion lawmakers in the party will end up voting for the overhaul anyway.

While it looks like there’s an impasse with no chance for changes to abortion language, Stupak and Waxman are still talking. And that’s an important point to be aware of. ~ Evans Liberal Politics owner Paul Evans

See BREAKING: Pelosi Calls Stupak’s Bluff: NO compromise!, Daily Kos, March 11, 2010, by I Said GOOD DAY sir.

See Pelosi: ‘The Choice Has to Be Made’, Politico, March 12, 2010, by Patrick O’Connor.

Pelosi: Public option ‘not in reconciliation’, The Raw Story, March 12, 2010, by Sahil Kapur, excerpt quoted verbatim:

If there was any lingering doubt as to whether the public option would survive the final health care motion, House Speaker Nancy Pelosi (D-CA) ended it on Friday morning.

“We had it. We wanted it,” Pelosi told reporters at a press briefing, according to the Washington Post Plum Line’s Greg Sargent. “It’s not in reconciliation. We’re talking about something that’s not going to be part of the legislation.”

See Democrats Planning for Health Bill Vote Next Week, The New York Times, March 12, 2010, by Robert Pear and David Herszenhorn.

Health Care War: Can Democrats Pass Bill by White House Deadline

Evans Liberal Politics
March 11, 2010

 

Health Care War:
Can Democrats Pass Bill
by White House Deadline?


President Obama Wants to See Final Bill Passed by March 18


Health Care War: Can Democrats Pass Bill by White House Deadline, ABC Good Morning America, March 11, 2010, by Jake Tapper, excerpt quoted verbatim:


Democratic lawmakers say they are close to a final deal on a health care bill, but serious questions remain as to whether the final legislation can be passed by President Obama’s deadline of March 18, when he departs for Indonesia and Australia.

The president was on the road this week selling his health care proposal in Glenside, Pa., on Tuesday and St. Charles, Mo., on Wednesday.

House and Senate Democrats continue to negotiate intensely on writing a compromise bill, the drafting of which in committee could happen as soon as Friday. But some Democrats are pushing back hard on the president’s deadline, even as White House officials insist that imposing a deadline is the only way to get Congress to act. The Congressional Budget Office is also slated to release its cost assessment of the White House health care bill any day, which could alter the dynamics.

Late Wednesday night, Democrats emerged from a closed door meeting and said they were close to an agreement on a compromise bill that could pass both the House and the Senate.

Speaker of the House Nancy Pelosi, D-Calif., said in an interview with Charlie Rose that aired on Bloomberg News Wednesday that there are enough votes in the House to pass the health care bill “if we took it up today.”

Outside Washington, a fired-up Obama took a campaign-like tone to urge Congress to vote ‘yes’ on health care reform.

Read the full article, here.

See The Public Option’s Last Stand: A Matter of Will, Not Votes, The Huffington Post, March 11, 2010, by Ryan Grim, excerpt quoted verbatim:

The public option faces its last stand. With more than 40 senators publicly willing to vote for a health care reform reconciliation package that includes the option, the opportunity to reinsert it into the final bill has never been greater, though the battle is nearly over without having been fought.

Sen. Dick Durbin, the Democrat in charge of rounding up votes for the health care reconciliation bill, said on Thursday that he will whip support for whatever package comes through the House. With 50 Democratic votes, Vice President Joe Biden could then break the tie and send the bill directly to the White House. If any amendments are adopted, it slows the process down by requiring the House to vote once again.

That balance of power gives House Speaker Nancy Pelosi (D-Calif.) extraordinary leverage of a historical nature. Pelosi, however, has yet to concede in negotiations that it is the obligation of the House to go first. And the deal that is being reached is driven largely by the White House. But both the Senate and the White House need Pelosi. And the House, of course, has already passed a health care bill with a public option.

(And Pelosi, as usual, has her own agenda. Could it include the public option??? ~ Evans Liberal Politics owner Paul Evans)

OK, seriously, Dennis Kucinich. Enough’s enough.

Evans Liberal Politics
March 9, 2010

 

OK, seriously, Dennis Kucinich.
Enough’s Enough.

 

OK, seriously, Dennis Kucinich. Enough’s Enough., Daily Kos, March 9, 2010, by benintn, quoted verbatim:

Just got this update via Twitter from Matt Yglesias:

Horrible. RT @brianbeutler Kucinich confirms he’s willing to be the deciding vote “against” #hcr http://tpm.ly/….

Really? Really, Dennis Kucinich?

You’re willing to be the deciding vote against healthcare reform?

Come on, people. Enough’s enough.

As NPR reported this morning, we’ve almost forgotten what’s in the Senate bill because of focus on the politics.

Since the Senate passed its version of a health overhaul on Christmas Eve, most of the debate has focused on the politics of the effort. By now, many people have forgotten — if they ever knew — what the bill would actually do.

So here’s a short refresher.

According to the Congressional Budget Office, the Senate-passed bill would expand coverage to roughly 30 million of the 46 million people in the U.S. who lack health insurance. Most of the remaining uninsured would be undocumented immigrants, who would be ineligible for benefits under the bill.

As President Obama said on September 9, 2009,

We know we must reform this system. The question is how.

There are those on the left who believe that the only way to fix the system is through a single-payer system like Canada’s, where we would severely restrict the private insurance market and have the government provide coverage for everyone. On the right, there are those who argue that we should end the employer-based system and leave individuals to buy health insurance on their own.

I have to say that there are arguments to be made for both approaches. But either one would represent a radical shift that would disrupt the health care most people currently have. Since health care represents one-sixth of our economy, I believe it makes more sense to build on what works and fix what doesn’t, rather than try to build an entirely new system from scratch. And that is precisely what those of you in Congress have tried to do over the past several months.

Now, look, Dennis Kucinich. I am a single payer advocate. I fought for it. I think we need to fundamentally change our system so that it puts patients ahead of profits. I do not believe that any value is added to our healthcare system by having insurance companies that exist to make a profit.

However, I’m also a pragmatist and I recognize that each day we wait, the system gets worse.

And so, I am willing to support an incremental approach if it means that 31 million more Americans get health insurance. I’m willing to support an approach that will cut $500 billion of wasteful spending from our Medicare system. I’m willing to do what it takes to make sure that competition works for consumers, not corporations.

The time for games is over. If you vote against health care reform, I will support your opponent.

Another Late Update 9:58 AM CST: I’m a family systems therapist by training and experience. One of the things we all need to learn is this: The people who have the least to lose have the most power in any negotiations process. I think that explains Kucinich, Stupak, Ben Nelson, Joe Lieberman, and the entire GOP. Taking the default “I’m willing to kill the bill” position gives power to the minority, who can hold the other negotiators hostage by their willingness to walk away from the table. All of us need to keep this in mind as we advocate for change, and when we go to the ballot box. Don’t elect terrorists like Rand Paul, Jim Bunning, and Jim Demint. It’s not just about their stand on the policy issues. It’s about the willingness they have to sabotage the entire political process.

(Comment by Paul Evans: The power trip might explain Stupak, Lieberman and Nelson, but it’s fairly obvious that Kucinich is, although wrongheaded, opposing the health care bill for the right reasons. Poor reasoning, but the right reasons. See below.)

See Obama Health Care Push: Back To His Grasssroots, The Huffington Post, March 8, 2010, by Julie Pace and David Espo, excerpt quoted verbatim:

GLENSIDE, Pa. — Stirring memories of his campaign for the White House, President Barack Obama made a spirited, shirt-sleeved appeal for passage of long-stalled health care changes Monday as Democratic congressional leaders worked behind the scenes on legislation they hope can quickly gain passage.

“Let’s seize reform. It’s within our grasp,” the president implored his audience at Arcadia University, the first outside-the-Beltway appearance since he vowed last week to do everything in his power to push his health care plan into law.

The president’s pitch was part denunciation of insurance companies – “they continue to ration care on the basis of who’s sick and who’s healthy,” he said – and part criticism of his Republican critics. “You had 10 years. What happened? What were you doing?” he taunted members of a party that held the White House for eight years and control of Congress for a dozen.

Comment by Evans Liberal Politics owner Paul Evans: Little Known Fact #3 — Don’t people realize exactly what IS in the health care reform bill??? For example, it pushes back the date at which Medicare becomes insolvent TEN YEARS if it passes?? Little stuff like that? Then, too, you might consider 2010, Congressman Kucinich. If you want the Democratic Party dead in the elections, then just go ahead and block the health care bill.

Apparently Dennis doesn’t “get it”. He may as well be a Republican right winger if he votes against the health care reform bill. It has just the same effect, does it not? Dennis, please, don’t facilitate “Obama’s Waterloo”. That goes for any other Democrat who votes against the bill. It’s pretty dumb, so far as I can see.

Healthcare — President Obama: ‘Now is the time to make a decision’

Evans Liberal Politics
March 4, 2010

 

Healthcare — President Obama:
‘Now Is the Time to Make a Decision

 

Originally Published as President Obama: ‘Now is the time to make a decision’, Politico, March 3, 2010, by Carrie Budoff Brown and Carol E. Lee, excerpt quoted verbatim:

President Barack Obama called on Congress to schedule a final up-or-down vote on health reform in the next few weeks, saying the time for talking is done and making clear that’s he’s prepared to pass reform on a party-line vote.

“Now is the time to make a decision about how to finally reform health care so that it works, not just for the insurance companies, but for America’s families and businesses,” Obama said at the White House, kicking off what he promised would be a full-on campaign to pass reform.

And without saying the word “reconciliation,” Obama signaled that he’ll pass reform with Democratic votes only if necessary – all but daring the Republican to get on board or watch Congress go ahead without them, using the parliamentary tactics that would require just 51 votes in the Senate.

He laid down a timetable – which would wrap up the bill before the Easter break in Congress – and a Democratic line of attack: we’re not passing this in a backroom deal, we’ve already passed it in both the House and the Senate under the traditional rules. All that’s left now is the clean-up.

“No matter which approach you favor, I believe the United States Congress owes the American people a final vote on health care reform. We have debated this issue thoroughly, not just for a year, but for decades,” Obama said.

The White House announced that Obama would travel to Philadelphia Monday and St. Louis on Wednesday to stump for reform – his most hands-on pitch for health care since last summer, when Obama was doing events daily to make the case for his plan.

Obama signaled that part of his pro-reform push would be an attack on Washington ways, the theme he rode to the presidency.

“I know there’s a fascination, bordering on obsession, in the media and in this town about what passing health insurance reform would mean for the next election and the one after that. Well, I’ll leave others to sift through the politics. Because that’s not what this is about. That’s not why we’re here,” Obama said.

Republicans have already given Obama their answer – a resounding no – to his offer to add GOP ideas to his bill in hopes of getting their votes. Senate Republican Leader Mitch McConnell said after the speech that the president is calling on members of Congress “to ignore the wishes of the American people” and said November midterms could turn into a referendum on health care reform.

…..

For a president who Democrats grumbled didn’t do enough early on to guide them, Obama couldn’t have been more clear in the 15-minute address, giving Democrats a calendar, a campaign plan and talking points to sell reform to skeptical voters. And he pledged his own involvement as well.

Read the full article, here.

See Updated: Obama’s final march for health reform (and more good news), Daily Kos, March 3, 2009 ,by Blackwaterdog.

Healthcare Reform Now!

Ohio’s Own Sherrod Brown on Healthcare Reform

Evans Liberal Politics
March 3, 2009

 

Ohio’s Own Sherrod Brown
on Healthcare Reform

 

Ohio’s Own Sherrod Brown on Healthcare Reform, Evans Politics from U.S. Senator Sherrod Brown, March 3, 2010, by Sherrod Brown, quoted verbatim.


When it comes to health care, the cost of inaction is simply too high. More than 390 Ohioans lose their health insurance every day. Small businesses and the self-employed often pay double or triple what large businesses pay for coverage. By 2007, 62 percent of bankruptcies were due to medical costs. And forty-five thousand Americans die each year because they are uninsured and can’t get the care they need. American families and businesses deserve better.

On November 7, 2009, the House of Representatives passed legislation, the Affordable Health Care for America Act (H.R. 3962), by a vote of 220 to 215. A consolidated Senate health reform bill, the “Patient Protection and Affordable Care Act” (H.R. 3590) was passed on December 24, 2009, by a vote of 60 to 39. Though similar in many respects, these bills are not identical. Congress is currently working to produce a final piece of legislation.

The bill passed by the Senate late last year, with my support, would lower costs for middle class families with insurance, while providing help to 31 million Americans who lack it. This legislation would also invest in small businesses by providing an immediate tax credit to help employers afford health benefits for their workers, and would place an immediate ban on pre-existing condition exclusions for children. Despite the great deal of misinformation circulating about health reform, seniors on Medicare would see their prescription drug costs cut in half, not increased, and for the first time, would have access to free annual check-ups and preventive screenings. The bill, which has been endorsed by AARP, would also extend Medicare’s solvency by nearly a decade.

Overall, passage of both the House and Senate legislation means that Americans are one step closer to having affordable insurance options if they change or lose their jobs. It means we are one step closer to ending insurance industry practices that cut off access to medically-necessary care or discriminate against women or individuals with pre-existing medical conditions. And it means we are one step closer to ensuring that insurance companies will have to spend premium dollars on medical care – rather than on lavish sales trips and exorbitant CEO salaries – or else give rebates to consumers.

Your views on this and other aspects of health reform are welcomed, and I will keep them in mind as Congress moves forward. If you wish to learn more about my work on health reform as well as the most Frequently Asked Questions (FAQs) that Ohioans have posed to my office, please visit my website at:

Sen. Brown’s Calendar of Events on Health Reform

Sincerely,

Sherrod Brown
United States Senator

Stay connected with what’s happening in Congress.
Sign up here for regular updates on the issues you care about the most:

http://brown.senate.gov/newsletter/landing/

See Politico Exclusive: RNC document mocks donors, plays on ‘fear’, Politico, March 3, 2010, by Ben Smith.