GOP Plan for Financial Reform – Give to the Rich Take from the Poor | GOP Senate Objects to Current Plan

Washington, D.C. (Apr 17) – All 41 Senate republican’s signed a letter sent to Majority Leader Reid stating that they feel the Financial Reform Bill is partisan and they are being left out along with, objections to a provision that calls for a $50 billion bank liquidation fund.

The GOP calls the $50 billion dollar fund a “bailout bill” and for some reason has once again fallen into a convenient memory lapse. It seems only a short few years ago, the GOP created another “bailout bill” called TARP. TARP was an unpaid for, taxpayer financed bill that cost nearly $1 trillion dollars.

The provision as written would require large banking institutions to provide the $50 billion for use by the Federal Deposit Insurance Corp. (FDIC) to pay for dismantling giant failing firms.

The White House stated that President Obama is considering a different approach whereas, moving forward with a decision instead to make certain the financial industry covers the cost of the liquidation after the firm has failed, and been dismantled.

President Obama has threatened to veto any bill that doesn’t bring the derivatives “market under control”.

During a meeting with his Economic Recovery team, President Obama stated, “This is reform that will force banks and financial institutions to pay for bad decisions that they make – and not have taxpayers pay for those bad decisions,” adding “And that means no more bailouts.”

The republicans were threatening to send a filibuster “letter of intent” regarding the Financial Reform Bill however, Senator Collins (R-ME) refused to sign onto the letter.

Senator Reid released the following statement in response to the letter from the Senate republican caucus regarding Wall Street Reforms.

“The scores of Nevadans who I hear from every day want to clean up Wall Street and create a financial system that works for all consumers, homeowners and investors – not just rich bank executives.  I appreciate this letter from my Republican colleagues, but its rhetoric does not match their actions or reality.

“We agree that reform should be the result of bipartisan negotiations, and that’s why Chairman Dodd has included language in his bill developed and agreed to by Republican committee members.  In fact, the top Republican on the committee said publicly just last month that he approved of 80 percent of that bill.

“Nevadans want strong reform, not some letter that is intended to delay efforts to hold Wall Street fully accountable.  If Republicans want to allow the same Wall Street greed and excess that crippled our economy to continue, that is their choice.  But it is my hope that in the coming days they will spend less time writing letters and meeting with Wall Street executives, and more time helping us pass a bill that holds Wall Street accountable and protects consumers, investors and financial institutions.”

It would appear that the GOP is steadfast in its fight against the American middle and lower class forcing issues that have one goal, to provide tax breaks to the rich, provide lucrative defense contracts for their friends, and force the American workforce to pay for it all.

America is in desperate need of change, the republican party has proven time and time again that they are incapable of providing any economic plans or governance that are fairly representative of the majority, and extremely protective of the relatively few extremely wealthy.

There are a total of 36 Senate seats up for election this coming November and, this is America’s chance to unite and vote the obstructionists out office and strengthen the Democratic leadership, a leadership with a commitment to the American workforce.

All and all, 13 incumbent Democrats are up for reelection and 5 Democratic seats will be up for a vote for Senators retiring this year, Dodd (CT), Kaufman (DE), Burris (IL), Bayh (IN) and Dorgan (ND) leaving the voters to make certain that the seats are not turned over to the party of “NO”. American’s workforce, middle and lower classes cannot afford to lose this strong support.

Save America's Workforce

There are 18 total republican seats up for election and American’s need to turn out this year in strength remembering which party has stood up in unison to support the unemployed, fight tax-payer “give-aways”, and to prevent more jobs from being shipped overseas.

Republican seats that can be taken back by American voters, America’s workforce are: Alabama, Alaska, Arizona, Georgia, Idaho, Iowa, Louisiana, North Carolina, Oklahoma, South Carolina, South Dakota, Florida, Kansas, Kentucky, Missouri, New Hampshire, and Ohio.

Americans’ must come out in force and vote the republican party, the party of “NO” out of office so that this once great nation can begin to move forward without regards to one single economic class, and provide “Justice and Equal Representation for All” not just the few wealthy republican supporters with their hands in deep into American taxpayer pockets.

Posted by rgrone on April 17, 2010. Filed under economic recovery,economy,Moderate,National News,Opinion Editorial,Politics,US Politics,WorldNewsVine. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.