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Tag Archive: Financial Reform

Incoming finance committee chairman relies on finance campaign contributions

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Contributions to Rep. Spencer Bachus (2009-2010) The House Republican Steering Committee voted on Tuesday to name all committee chairman for the incoming Congress. Their choice to head the House Financial Services Committee, the committee in charge of overseeing the financial sector and the government's implementation of new financial reforms, happens to be the member of Congress most reliant on contributions from the financial sector. Contributions from the finance, insurance and real estate sector accounted for 62.5 percent of all contributions received by Rep. Spencer Bachus, the incoming House Financial Services Committee chairman, during the 2010 election cycle. These contributions amounted to $1.23 million out of a total $1.97 million that Bachus' campaign and political action committees raised.

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Federal Reserve Loan Program Allowed Bank of America to Benefit Twice

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Bank of America was one of several banks that was able to play both sides of a Federal Reserve program launched during the 2008 financial crisis. While Bank of America was selling its assets to firms obtaining loans through the Fed program, the investment firm BlackRock—partially owned by Bank of America—was potentially turning a profit by using those loans to buy assets similar to those sold by Bank of America. In November 2008, the Federal Reserve announced that, in addition to a series of lending programs intended to keep both the U.S. and world economies liquid, it would begin issuing federally backed loans to entities willing to purchase securities from the troubled financial industry through a program called the Term Asset-Backed Securities Loan Facility or TALF.

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Senate approves financial reform in a late night vote

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The Senate passed sweeping financial reform legislation last night, aimed at keeping the financial sector from collapsing as it did in 2008. The final vote was 59-39, with four Republicans joining the majority party to get the bill through. Two Democrats remained opposed to the bill, saying the Senate measure didn't include tough enough regulations.
 
Republican Senators Olympia Snowe and Susan Collins from Maine, Chuck Grassley from Iowa, and Scott Brown from Massachusetts all voted yes, with Grassley saying that this bill sends a message  to Wall Street.

"There’s no question this bill has flaws," Grassley said. "Big ...

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Financial reform moves to Senate vote

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After a second procedural vote this afternoon, the Senate was able to shut down debate on S. 3217, Restoring American Financial Stability. Exactly three-fifths of the senate, including 3 Republicans, voted in favor of the motion, which passed 60-40. Two Democrats voted no.

It is likely that the final vote on the bill will be as early as tomorrow.

The newly elected senator from Massachusetts, Scott Brown, joined the two Republican Senators from Maine, Olympia Snowe and Susan Collins, in delivering yes votes. In a statement, Brown said he was assured by Sen. Reid, D-Nev., that “the issues related to ...

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