Elizabeth Warren

Dodd: No Recess Appointment For Warren, Who Still May Not Be Confirmable

Brian Beutler | July 27, 2010, 1:54PM

Sen. Chris Dodd (D-CT)

Senate Banking Committee Chairman Chris Dodd cast more doubts this afternoon about whether Elizabeth Warren could garner enough votes to head the newly created consumer financial protection bureau, one day after White House Press Secretary Robert Gibbs called her "very confirmable."

"I don't know, that's the question, how does he know that?" Dodd said in response to a question from TPMDC on his way in to the Democrats' weekly policy lunch.

"She's qualified, no question about that. The question is whether she's confirmable," Dodd added. "The issue is [if] you can't confirm somebody, if you go six or seven months without someone in that job, you've got a problem."

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John Boehner

Boehner Gets Specific On His Plans To Halt Federal Regulation

Brian Beutler | July 27, 2010, 9:58AM

House Minority Leader Rep. John Boehner (R-OH)

House Minority Leader John Boehner has offered specifics about his recent call for a moratorium on new federal regulations, and TPM's gotten a look at just what kinds of regulations -- other than the obvious ones implementing health care and Wall Street reforms -- Boehner's plan would block.

Boehner last week endorsed the REINS Act, sponsored by Rep. Geoff Davis (R-KY), saying at his weekly press conference that "any rulemaking where the estimated cost to Americans would exceed $100 million," should not go into effect "without Congress voting on it first." That's short of the full moratorium Boehner initially called for, but could nonetheless be a recipe for gridlock and ugly politics. That standard in the act would ensnare scores of new regulations every year, including both broadly popular, time-sensitive ones, and others over which remain substantial partisan disagreement.

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Financial Reform

Barney Frank Presses Obama To Appoint Elizabeth Warren To Head Consumer Bureau (VIDEO)

Brian Beutler | July 23, 2010, 12:12PM

Rep. Barney Frank (D-MA)

The Democrats' top point man on Wall Street reform is pressing President Obama -- hard -- to appoint Elizabeth Warren to head the newly-created Consumer Financial Protection Bureau. In an appearance on MSNBC, House Financial Services Committee Chairman Barney Frank threw his full support to Warren and warned Obama that, unlike other disappointments, he'd be held directly accountable if the nomination goes to somebody else.

"It is essential to the bill and very, very important that Elizabeth Warren be appointed [to head the consumer financial protection bureau]," Frank said.

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Financial Reform

Geithner To GOP On Repealing Wall Street Reform: Bring It On

Brian Beutler | July 22, 2010, 11:14AM

Treasury Secretary Timothy F. Geithner

Treasury Secretary Timothy Geithner has a simple message for House Republicans threatening to repeal or gut one of President Obama's top legislative achievements: I am calling your bluff.

At a Christian Science Monitor breakfast with reporters this morning, Geithner dismissed GOP leaders who say they'll gum up the implementation Wall Street reform if they retake the House this November, calling their threats "inconceivable."

"The reason why this bill became law was because Republicans decided they could not block it," Geithner said in response to a question from TPMDC. "That it was untenable to block it. Because they did not want to be in the position of saying they looked at a system that produced this level of disaster for the American economy -- with a system that did not work, did not serve corporate America, businesses across the country -- they did not want to be in the position of blocking change."

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Timothy Geithner

Geithner: Warren 'Would Be A Very Strong Leader' Of Consumer Bureau

Brian Beutler | July 22, 2010, 10:10AM

Treasury Secretary Timothy Geithner

Amid reports that he's actively sought to block progressive darling Elizabeth Warren from being appointed to head a soon-to-be-created Consumer Financial Protection Bureau, Treasury Secretary Timothy Geithner sung her praises to reporters today. But when pressed, he stopped short of endorsing her or saying that her nomination would please him.

"It's important to recognize that she is, I think, one of the most effective advocates for [financial] reform in the country," Geithner said at a Christian Science Monitor breakfast this morning. "She has enormous credibility.... She would be a very strong leader of this bureau, but that's a choice the President will have to make."

Geithner added that he'd not yet made an official recommendation to President Obama, but suggested one will be coming soon.

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Barack Obama

Obama Signs Wall Street Reform Into Law

Brian Beutler | July 21, 2010, 11:49AM

President Barack Obama

After several pen strokes, and plenty of pomp, the Wall Street reform bill became law this afternoon. At signing ceremony at DC's Ronald Reagan building, President Obama declared "These reforms represent the strongest consumer financial protections in history," adding that "unless your business relies on cutting corners or bilking customers, you have nothing to fear from reform."

Now the legislation must be implemented, which will be no small task. Some of the bills provisions are subject to years-long study by regulators before they become binding. Others are intentionally delayed for a variety of reasons. And still more simply take months to build up the capacity to enforce. At the White House yesterday, Deputy Treasury Secretary Neal Wolin told reporters he expects the newly-created Consumer Financial Protection Bureau to be running autonomously within a year.

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Financial Reform

Signs Point To Tough Haul For A Potential Elizabeth Warren Nomination

Brian Beutler | July 21, 2010, 8:56AM

Elizabeth Warren, Chairman of the Congressional Oversight Panel for TARP

Progressive pressure on President Obama to appoint Elizabeth Warren to head a soon-to-be-created consumer financial protection bureau has reached a fever pitch. But in a troubling sign for her supporters, the White House is remaining mum, and key senators aren't rallying to her defense. In some cases quite the opposite.

"Elizabeth can be a terrific nominee but the question is, is she confirmable? And there is a serious question about that," said Senate Banking Committee Chairman Chris Dodd during an interview on NPR Monday.

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Republicans

Top 5 Republican Retro Refrains They'll Sing For Recess

Brian Beutler | July 16, 2010, 5:01PM

Sen. Mitch McConnell (R-KY), Rep. John Boehner (R-OH) and Rep. Eric Cantor (R-VA)

For 18 months, Republicans have been torn between their ideological nature, and their need to appear different from the party that ended the Bush era in the crapper. In a sign of just how confident they feel that their electoral fortunes have turned, that tension is seemingly now gone. In the last two weeks, unabashed Republicans have started revealing the details of their governing agenda -- one that will be familiar to those who were alive between 1994 and 2006, and which remains broadly unpopular with voters.

In the words of Mitch McConnell, Republicans feel like they've gotten their groove back. After the jump we run through the top 5 Republican retro-grooves we expect they'll be playing throughout the August recess.

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Financial Reform

Axelrod: Warren A Candidate To Lead New Consumer Protection Bureau

Brian Beutler | July 16, 2010, 12:51PM

Press Secretary Robert Gibbs, Treasury Secretary Timothy Geithner, and Director of the Office of Management and Budget Peter Orszag

The Obama administration is in cleanup mode, after the Huffington Post reported that Treasury Secretary Timothy Geithner has actively sought to keep consumer watchdog Elizabeth Warren from being named to head a soon-to-be-created Consumer Financial Protection Bureau.

On a conference call with reporters this afternoon, President Obama's top political adviser David Axelrod sought to calm the waters. "Elizabeth is certainly a candidate to lead it," he said.

That sentiment was echoed this morning by Michael Barr, Assistant Treasury Secretary for Financial Institutions. "I don't know where that came from," he said on a conference call. "She's been working closely with me and Secretary Geithner for a year and half to push for this consumer protection bureau. I believe and Secretary Geithner believes that she's exceptionally well-qualified to run it."

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Financial Reform

It's Done! Obama To Sign Wall Street Reform

Brian Beutler | July 15, 2010, 2:57PM

US Senators Harry Reid (D-NV) and Chris Dodd (D-CT)

It's done. The Senate this afternoon, by a vote of 60-39 passed the final version of Wall Street reform legislation -- the exact same version the House passed two weeks ago, which will now go the White House for a signature. Senate Majority Leader Harry Reid (D-NV) said that the President plans to sign the bill next week.

The development, though expected for days, represents a major achievement for President Obama and congressional Democrats -- their first landmark bill since health care. And this time it's actually popular.

But getting here wasn't easy for Democrats.

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Financial Reform

Boehner: Wall Street Reform Should Be Repealed

Brian Beutler | July 15, 2010, 12:46PM

House Republican Conference Chairman Mike Pence (R-IN), Minority Leader John Boehner (R-OH), and Minority Whip Eric Cantor (R-VA)

They're not campaigning on it in earnest -- at least not yet -- but Republican leaders say that, given the power, they would like to do away with Wall Street reform much like they have already discussed repealing health care reform.

"I think it ought to be repealed," said House Minority Leader John Boehner, in response to a question from TPMDC, at his weekly press conference this morning.

One of his top lieutenants, Republican Conference Chair Mike Pence agrees. "We hope [the Senate vote] falters so we can start over," Pence told TPMDC yesterday. "I think the reason you're not hearing talk about efforts to repeal the permanent bailout authority is because the bill hasn't passed yet."

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Wall Street

Senate Dems Clear Key Hurdle On Wall Street Reform

Brian Beutler | July 15, 2010, 11:30AM

Sen. Chris Dodd (D-CT)

Democrats just overcame their last major financial reform hurdle. By a vote of 60-38, the Senate ended debate on the final Wall Street reform legislation. Moderate Republicans Olympia Snowe, Susan Collins, and Scott Brown voted with the Democrats. Liberal Democrat Russ Feingold voted with the Republicans, on the grounds that the bill won't be effective. That clears the way for a final vote on passage -- majority rules threshold -- this afternoon shortly after 2 pm. This one's as good as done.

Wall Street

Reid Rounds Up 60 Votes For Wall Street Reform

Brian Beutler | July 13, 2010, 11:27AM

Senate Majority Leader Harry Reid

Senate Majority Leader Harry Reid will turn back to the Wall Street reform bill later today, after finally clinching 60 votes to overcome a filibuster. The question now is when it will finally pass, and be shipped over to the White House for a signing ceremony.

The legislation itself is at this point unamendable -- it's an up or down proposition. Still unknown at at this point is whether Republicans will use the Senate rules to eat up hours floor time, and delay a vote, or whether they'll allow a vote right away. Aides at this point expect Reid to file for cloture this afternoon, which would delay passage until at least Thursday. But as always during pivotal stages of the legislative process, things move, and change, quickly.

Stay tuned.

Ben Nelson

Ben Nelson Agrees To Vote For Wall Street Reform; Reid Schedules Votes

Megan Carpentier | July 13, 2010, 11:16AM

Sen. Ben Nelson (D-NE).

According to Ryan Grim, and aide to Nebraska Senator Ben Nelson, who had been holding out on the Wall Street reform bill, confirmed this morning that he would indeed vote for the legislation when it is brought to the floor, possibly on Thursday. Just before that, Majority Leader Harry Reid announced that he planned to file for cloture as early as this afternoon.

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Wall Street

Ben Nelson Leaves Dems One Vote Shy Of Wall Street Reform

Brian Beutler | July 12, 2010, 6:58PM

Democrats in Washington might want to nudge West Virginia governor Joe Manchin to name a replacement for Sen. Robert Byrd already.

The good news for Dems is that tonight, in a statement to reporters, Sen. Olympia Snowe (R-ME) hopped aboard the Wall Street reform train. "I intend to support passage of the legislation when its brought before the Senate," she said. That would make 60 votes -- enough to overcome a filibuster -- but now a Democrat is hanging out in the undecided camp, preventing the package from coming to the cloor

The bad news: Sen. Ben Nelson (D-NE) explicitly told reporters this evening he's not committed to voting for the legislation, citing a handful of measures, and concern about potential future directors of the Consumer Financial Protection Bureau.

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Scott Brown

Brown Finally Committs To Supporting Wall Street Bill

Brian Beutler | July 12, 2010, 12:26PM

Sen. Scott Brown (R-MA)

Coy no more. Sen. Scott Brown (R-MA) says he expects to vote for the Dems' Wall Street reform bill.

"While it isn't perfect, I expect to support the bill when it comes up for a vote," reads a statement from Brown's office. "It includes safeguards to help prevent another financial meltdown, ensures that consumers are protected, and it is paid for without new taxes."

By remaining undecided, Brown and other Republican moderates forced Dems to put off passing the Wall Street reform bill and sending it off to the White House until after the July 4 recess. That's a familiar pattern: Senate Republican leaders have pushed swing vote Republicans to at least delay passage of Democratic initiatives.

Brown now gives Dems 59 votes. They'll still need both Maine senators if they hope to pass the bill before West Virginia governor Joe Manchin appoints a replacement for Robert Byrd. One of them, Susan Collins, has indicated her support, but Dems are still shy one commitment: Olympia Snowe. According to Senate leadership, a vote on the final legislation could come as early as this week. You can read the entire statement below the fold.

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Wall Street

Could The Wall Street Reform Bill Make The U.S. More Susceptible To Financial Collapse?

Brian Beutler | July 6, 2010, 1:59PM

Rep. Barney Frank (D-MA), Senate Majority Leader Harry Reid (D-NV) , Speaker of the House Nancy Pelosi (D-CA) and Sen. Christopher Dodd (D-CT)

President Obama might be on the verge of signing a Wall Street reform bill that makes the U.S. economy more vulnerable to a major financial crisis. At least, that's the view of some experts, both in the Obama administration, on the Hill, and outside, who believe that, amid the anti-bailout fervor consuming the country, Congress and the Treasury Department became too eager to eliminate all future bailouts, and robbed the government of the legal authority they might need in the future to save the economy.

"In general, this is a symptom of the panic that Congress has developed about being seen to allow any form of future bailout," says Doug Elliott, a financial expert at the Brookings Institution, "I say 'panic' because it has prompted a number of limitations that we may come to sharply regret in a few decades when we hit the next truly severe financial crisis."

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Financial Reform

Wall Street Reform Likely To Pass With Cantwell Support

Brian Beutler | July 2, 2010, 8:50AM

Sen. Maria Cantwell (D-WA)

Last night, Sen. Maria Cantwell (D-WA)gave the final Wall Street reform bill the thumbs up. In May, Cantwell was one of two Democrats to oppose the Senate-passed bill from the left, and had been mostly silent about the legislation for weeks. But by announcing her intent to vote for the financial reform conference report, Cantwell all but assures the legislation will pass.

"I will vote in support of the conference report because it makes great strides toward our ultimate goal: bringing all standard derivatives onto exchanges and clearinghouses, with aggregate position limits and strong anti-manipulation tools," Cantwell said in an official statement. "...This legislation is not perfect, and I will continue to push for even bolder action - including a return to the Glass-Steagall separation of commercial and investment banking - to reign in Wall Street, put an end to the concept of 'too-big-to-fail.' But this bill makes significant strides toward preventing the kind of financial meltdown that we saw in the fall of 2008."

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