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.
The Competitive Enterprise Institute filed a complaint with the Federal Trade Commission on May 4, saying that General Motors is misleadingly claiming in a TV advertisement that it has already paid back its government loan in full.
Newspapers are dying. That is the message from the latest Audit Bureau of Circulations, an independent firm that checks the average circulation of various print periodicals. The average drop of newspaper circulation nationally was 8.7 percent. This was somewhat smaller than the last quarterly audit, which showed an average circulation drop of 10.6 percent, but the circulation figures were bad enough.
The International Monetary Fund proposed a draft of two global taxes — a bank tax, and a “FAT” tax against what politicians deem to be excessive salaries or bonuses in the financial sector — at the Washington G-20 meeting last weekend. The final version of the proposal to create what the IMF calls a “stable global financial system” will be discussed by G-20 nations at the Toronto summit in June.