Tags: Robert Borosage | obama | white house | big banks | financial | reform

Author to Obama: Get Tough on Big Banks

Thursday, 24 Dec 2009 09:48 AM

The emerging debate over banking reform will make the health care scuffle of the last year look rather civil, writes progressive author and policy wonk Robert Borosage.

Writing in The Huffington Post, Borosage, co-director of the Campaign for America’s Future, asks, rhetorically, “Enjoy the health care debate? Wait until the Senate takes on the big banks. It already looks like déjà vu all over again,” he notes.

“Democrats, bloodied from self-inflicted wounds in the health care debate, may well commit seppuku over financial reform. The script is in place for a failed sequel.”

The Obama administration is putting together a reform plan that is weaker than it should be, writes Borosage.

“The banks signed up every ambulatory lobbyist in town to gut the central reforms. The House fended off Melissa Bean's attempt to be the Joe Lieberman of financial reform, but ended up passing a bill even weaker than the administration's proposal,” Borosage notes.

“And so to the Senate. Senate Finance Committee Chair Chris Dodd put out a remarkably strong reform measure. The bank lobby made it clear that was a non-starter.”

The White House has indicated that Obama is prepared to let the process play out.

“Of course, the president would prefer a strong bill, and will oppose anything that is too weak. But the White House has a big stake in passing any bill labeled comprehensive financial reform. Sound familiar?” writes Borosage.

“Draw the damn line. You are either with this or with the banking lobby. Bring it to the floor. Challenge the Republicans and the New Dems and the montebanks to filibuster against it.”

Even the foreign press notes the timidity of the legislation. A report in the Sydney Morning Herald observes that Rep. Marcy Kaptur, a leading House Democrat, is concerned that the bill accomplishes nothing.

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The emerging debate over banking reform will make the health care scuffle of the last year look rather civil, writes progressive author and policy wonk Robert Borosage. Writing in The Huffington Post, Borosage, co-director of the Campaign for America s Future, asks,...
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Thursday, 24 Dec 2009 09:48 AM
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