Bill smaller banks (4.00 / 1)

CNBC says:

Instead, lawmakers will likely end the $700 billion TARP program early and use some of that money to help pay for the measure.

Sen. Christopher Dodd, one of the architects of the reform bill, told reporters that the conferees will remove the $19 billion in bank fees.
...
The conferees will propose ending the Treasury Department's authority to require banks to accept additional TARP funds. While this authority would sunset over time rather than end immediately, budget rules say that this would result in a savings of something like $10 billion to $11 billion.

Additional FDIC premiums also are being considered to bring in $3.5 billion, bringing the total closer to the $19 billion the lawmakers sought to raise with the bank tax. The Republicans are expected to accept this deal.

The biggest banks would be subject to the higher FDIC fees, but not hedge funds, since they are not part of the FDIC system. On the other hand, smaller banks-exempted from the fee under the current bill-that operate under the FDIC system would likely find themselves footing the bill.

I was under the impression that no TARP money has been spent since the auto bailouts.  I wonder if that is wrong, or if its very presence means it can still be used by the CBO to offset other spending, even if only on a technicality.

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by: Mark Matson @ Tue Jun 29, 2010 at 17:04:35 PM CDT

So they watered down the bill to secure the Scott Brown vote? (4.00 / 1)

Ok.  I really would have liked to see Scott Brown try and vote against this thing and then retain his seat in MA.  Well, they really should just suspend the filibuster rule and pass stronger legislation since the Republicans are not acting in good faith.

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by: mass @ Tue Jun 29, 2010 at 18:57:43 PM CDT

Congratulations, Russ!! (4.00 / 2)

Your "principled" stand got the bill even further watered down... fantastic!

REID: Voting against us was never part of our arrangement!
SPECTER: I am altering the deal! Pray I don't alter it any further!
REID: This deal keeps getting worse all the time!

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by: lord_mike @ Tue Jun 29, 2010 at 19:17:38 PM CDT

This is crazy! (0.00 / 0)

Let's blame the good guys for doing the right thing = crazy.  Even if this ineffective crap passes, it's still crap!  I'd rather keep working for something that protects the economy, than to just pass something...anything.  In finance, unlike politics, appearance is NOT reality.

"Get me someone on the phone, anyone!  And get me someone on the phone while I'm waiting."  That was humorous in Christmas Vacation; It's repugnant in Congress.

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by: ronbo @ Wed Jun 30, 2010 at 08:12:01 AM CDT

[ Parent ]

There's something fishy in the Democratic Party (0.00 / 0)

Fool me once, shame on you.  Fool me twice, shame on me.  I think our own Democratic party members are allowing these actions to shift and nullify the legislation.  

Does anyone on Capitol Hill remember how the Republicans rammed legislation after legislation down our throat with only a one-man majority?  I think we have a lot more DINOs in our party and some are leading these committees.  

True Democrats will work to purge these people.  The fish stinks from the head down.  Is there ANY way to get these Corporatized goons out of leadership positions, Mr. Reid?

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by: ronbo @ Wed Jun 30, 2010 at 08:04:44 AM CDT