Bank closures throughout the United States continue to be telling of the state of the economy. Friday witnessed the closing of three more banks in Florida and one in Nevada and California, totaling 78 failed banks in this year alone.
The Senate Thursday night passed its long-awaited financial reform bill, another critical plank in President Obama’s New Deal-esque agenda to bring the private sector under more comprehensive and stifling control by the federal government and Federal Reserve. Touted as the biggest piece of financial reform since the Great Depression, the bill, crafted primarily by retiring Connecticut Senator Chris Dodd (D), faces only reconciliation with a similar bill passed by the House last December before being sent to the President for his signature.
With a congressional battle brewing over what is being touted as the biggest attempt at financial regulatory reform since the Great Depression, most pundits are predicting that, despite token Republican opposition, some version of the bill that originated with Senator Chris Dodd’s Finance Committee will soon pass. Senate Republicans blocked the first attempt to bring the matter to a vote on April 19, but Democrats and the Obama administration vowed to continue to press wavering Republicans to support the bill.
Senate Democrats beat back a Republican alternative amendment to Connecticut Democrat Christopher Dodd's Restoring American Financial Stability Act of 2010 (S. 3217) and will soon consider an amendment to audit the Federal Reserve Bank authored by Louisiana Republican David Vitter. The GOP substitute amendment failed in a 38-61 vote May 6.