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Blog Post
4/26/2010
Posted by Carmen Balber
The GOP has put more energy into filibustering reform than it has spent legislating all year. Friends of Wall Street are gearing up to use their favorite maneuver again tonight, this time to block action on the Senate's Wall Street reform bill. But opponents of reform have it wrong if they think the public will stand for the status quo instead of...
Blog Post
4/16/2010
Posted by Carmen Balber
Senate Republican Leader Mitch McConnell was asked directly if his strident opposition to financial reform was because he is acting on behalf of big banks. His ringing denial? “I’d say that’s inaccurate.” Really Mitch? Politicians are usually at their loudest and most passionate when denying charges of corruption. The best...
Blog Post
4/14/2010
Posted by Carmen Balber
President Obama is meeting with Congressional leaders right now about Wall Street reform. He should use this week's revelations about the depth of existing bank regulators’ failure to crack down on a Washington Mutual business model built on predatory consumer lending to urge lawmakers to commit to an independent consumer financial regulator...
Blog Post
4/7/2010
Posted by Judy Dugan
Tucked away in some early reports about a possible GOP deal on creation of a stand-alone consumer protection agency is a hint of what could be traded away in exchange--tough regulation of the kind of speculative, unregulated financial trading that crashed the economy in the first place. The whole story is not much above gossip level yet. But Sen....
Blog Post
4/2/2010
Posted by Carmen Balber
A House staffer whose job included drafting new rules for regulating derivatives (like the credit default swaps that sunk AIG) just left the House to go lobby for, drumroll please, a derivatives clearinghouse.

 But Peter Roberson, who worked on the financial reform package for Barney Frank’s Financial Services Committee, just...
Blog Post
3/26/2010
Posted by Carmen Balber
Pay to play policymaking is rarely spelled out as clearly in public as it was in a just-released fundraising email sent to financial industry lobbyists on behalf of Senator Corker, a key Republican negotiator on finanicial reform. As reported in Politico: Sen. Bob Corker’s reelection campaign offered donors a chance to have a meal with the...
Blog Post
3/23/2010
Posted by Carmen Balber
Last night, in a surreal process that from gavel to gavel took less than 25 minutes, the Senate Banking committee approved Chairman Dodd’s financial reform legislation on a party-line vote. 18 months after Wall Street speculation and greed caused the near-collapse of the nation’s economy and the taxpayer bailout of the nation’s...
Blog Post
3/19/2010
Posted by Carmen Balber
Check out this hilarious and too-truthful Huffington Post from Heather Booth, director of Americans for Financial Reform, the coalition of public interest groups working to enact real Wall Street reform, on this week's Capitol Hill visit from the American Bankers' Association. It will make you laugh, curse, and maybe vomit a little. A taste:...
News Release
3/16/2010
CONTACT CONTACT: Carmen Balber, (202) 629-3043
Washington, D.C. -- Consumer Watchdog’s Washington Director, Carmen Balber, made the following comments on consumer protection in financial reform legislation proposed by Senate Banking Committee Chairman Chris Dodd:   “Legislation released by Chairman Dodd on consumer financial protection would hamstring a new consumer regulator...
News Release
3/2/2010
CONTACT CONTACT: Carmen Balber, (202) 629-3043
Washington, DC – A leaked proposal by Senate Banking Committee Chairman Chris Dodd to give consumer protection authority to the Federal Reserve Board in financial reform legislation would be a total capitulation to Wall Street lobbying, said Consumer Watchdog, and urged Senate committee members to insist on a strong independent consumer...