The latest news about banking regulation legislation in the Senate:
Senator Bob Corker, the Tennessee Republican who is playing a crucial role in bipartisan negotiations over financial regulation, pressed to remove a provision from draft legislation that would have empowered federal authorities to crack down on payday lenders, people involved in the talks said. The industry is politically influential in his home state and a significant contributor to his campaigns, records show.
I've been following politics for a long time, and this is the first time that I can remember where Democrats held a solid and unbreakable majority in both federal legislatures and held the White House. And I have to say, it's been d*mn demoralizing. Evidence A: banking regulation.
You'd think, after watching the financial sector torpedo the American economy, good, efficient, and workable banking regulation would be a priority. And there was hope, in Chris Dodd's consumer protection agency, which would have consolidated financial regulation into one body, and which would have refocused regulation on consumer protection, something has been missing in the crazed, corporate-fueled deregulation blitz of past decades.
You'd think corporate behavior in the financial sector after the bailout - the insolent, massive payouts to its executives, the orchestrated maneuvering to place blame for the crash on blacks and the poor, the exorbitant fees and interest rates imposed on its customers - that regulation would sail through Congress. But Dodd's agency has been effectively torpedoed, regulation watered down.
And now this. Corker's reflexive protection of the most rapacious lending industries in existence. Legal loan sharking targeting those with the least financial savvy and least ability to recover from parasitic interest rates.
And in diluting or warping good legislation beyond recognition, Corker is not alone. After all it was Max Baucus himself who was the first to grab a House jobs bill as it came into the Senate, steered it into his Tax and Finance Committee, and made it contingent on "reforming" the estate tax (and preserving the odious Patriot Act). That's right - a bill to help the unemployed find work must also help the children of the mega-wealthy keep their condos in Vail.
In short, it's been demoralizing seeing this Democratic supra-majority squandered in the back rooms, gutted by "compromises" that riddle bills with so many loopholes that they end up looking like the legislative version of swiss cheese.
Yes, I know, legislation is the result of years of work. Yes, I know I should be patient. Yes, sure, some banking regulation is better than no regulation (...or is it?). But I don't see any relief, any glimmer of values from Democratic legislators.
Or am I missing something? |
