The Senate Finance reform

We are one step closer to a long overdue reform on just how Wall Street and other financial institutions do their jobs. The Senate passed a bill last night, 59 to 39, with Chuck Grassley, Scott Brown, Susan Collins, and Olympia Snow all voting with most of the Democrats. Now, with the House one passed, a new bill must be put together, the differences between the two fixed. The Democrats are hping for something signable by the Fourth of July. If this succeeds, he will be a very compelling reason on why he, and other Democrats, should be reelected. Harry Reid might be helped too, and let's face it, he could use it. Republicans, meantime, are lining up the same arguments: too much government, jobs killer, growth slows, etc. There are things in it to prevent another crash, such as a resolution authority, which would allow a group of regulators to watch for signs of trouble all across the board, and let the government take over and shut down failing institutions, such as the FDIC does now. There is a consumer protection agency and an order to spin derivitives into a seperate area. Maria Cantwell and Russ Feingold say the bill doesn't go far enough, however. And I must agree. An amendment offered by Carl Levin and Jeff Merkley, which would have limited how much of their own money banks can spend on risks, was thwarted after it was attached to Sam Brownback's amendment, for strategy reasons. It still has a shot though; on Monday, the Brownback amendment, which would exclude auto dealers, will be voted on. Fifty minimum to pass it; if it does pass, Levin-Merkley wil pass too. If it does not, I urge you to call your senators and congress people to kill the bill.