Democrats Crafting Bill To Shield Big Banks From Tougher State Laws

[Purveyor]

Source: Associated Press

WASHINGTON — Moderate House Democrats are drafting a proposal that would continue to shield big banks from potentially tougher state regulations of credit cards, mortgages and savings accounts.

It is a rejection of President Barack Obama's plan to let states clamp down on the products banks sell. The moderate Democrats say theirs is the more practical approach to regulating large financial institutions that have customers in multiple states and to keeping costs low.

But their proposal, spearheaded by Democratic Rep. Melissa Bean, is not sitting well with consumer advocates who say banks shouldn't be allowed to skirt state regulations if the restrictions don't suit them.

"That's the system we have now. That's the system that failed," said Ed Mierzwinski, consumer program director for U.S. Public Interest Research Groups.

The current regulatory regime allows banks to follow either state or federal regulations. Whereas community banks often follow state rules, large banks typically opt for federal oversight so they can operate in various states under one set of regulations.

Read more: http://www.app.com/article/20090930/BUSINESS/90930033/1003/Democrats+crafting+bill+to+shield+big+banks+from+tougher+state+laws

[Laelth]

1. Vomit. n/t

:dem:

-Laelth

[FiveGoodMen]

8. +

:puke:

[Oregone]

2. They might as well tack it onto the Health Care bill

Smile and eat your shit sandwich

[cliffordu]

3. Primary each and every one of these drones. They need to go back to selling cars.

[and-justice-for-all]

4. I am about to the end of my rope with these fuckers...nt

[Steerpike]

5. Once again...

No need to worry about the banks I just gave them 200 bucks in fees and penalties...they're doing just fine!

[Politicub]

6. Sigh... is anything changing?

Until money and payola is no longer the largest factor in legislation, then we're going to continue being disappointed.

If this current batch is replaced with other dems, they are going to be no more immune to needing lobbyist dollars than the people who are in office now.

[aquart]

7. "Moderate"? You mean "so-called moderate", don't you?

Because they are right wing suckups in their actions.

[Mr. Sparkle]

9. "Moderate" would be the last word i use,"bribed" "Corporatist" "lowlifes" would be more appropriate.

[closeupready]

13. "Crooks" is the term us old-timers used back in the day.

Guess that's too harsh for our politically correct times. :rofl:

[No Elephants]

10. The Republicrats strike again.

On edit: Please remember these names at primary time: Reps. Jim Himes of Connecticut (a former investment banker) and Melissa Bean of Illinois.

[safeinOhio]

11. Election reform, NOW

[superconnected]

17. Yep, that's the only thing that will fix this. These people are bought.

If we made it illegal to take side kicks. We'd have a lot better chance at officials representing the people who voted them in. I think they should be imprisoned if they take money from a corporation while in office and after they leave - make a dollar amount - like nothing more than 1k. At my work, I'm not allowed to accept a gift of over $5, to prevent corruption. My whole company has that rule, it's standard at a lot of companies.

[depakid]

12. These so called "Democrats" sure seem interested in making sure that the party loses power

Anyone signing on the this piece of crap ought to be treated as a Republican and primaried- or in the general- people ought to just vote for the one with the actual R behind their name.

[dixiegrrrrl]

14. The terms "Democrat" and "Republican" have no real meaning anymore.

But too many people are acting as if there is a difference.

The only distinction necessary is:
Are the elected people doing things that benefit us? Or not?

It is misleading and dangerous to focus on labels and names.
Actions always speak louder than words.

[Iowa]

16. Well said. I agree.

[truebrit71]

15. That effing DINO Bean really pisses me off...

...:grr:

[Jkid]

18. Proof that one does not simply vote for change.

They must demand change AFTER they vote.

[w4rma]

19. These specific Democrats are corrupt! Who are they? (nt)

[Ruby the Liberal]

20. Has anyone started a 2010 list?

Looks like Ms. Bean is a good candidate for it.

:grr:

[Overseas]

21. Sorry to hear this. //nt