Shelby smells a rat in S. 3217By Ryan Sibley Apr 29 2010 3:44 p.m.
Sen. Richard Shelby, R-Ala, doesn't believe the financial reform bill the Senate began debating today will actually regulate the large financial organizations whose risky actions threatened the entire economy in 2008. Instead, the ranking member of the Senate Banking Committee sees the bill as something that will further institutionalize bank bailouts in the future.
Shelby noted that many large financial firms -- like Goldman Sachs and Citigroup -- have expressed support for the legislation. “(Large financial firms) know that the bill will bring them and Wall Street firms like them under the Federal safety net where they will get preferential treatment just like Goldman Sachs got in the AIG bailout," Shelby said.
Search the Blog
Real Time Ticker
- IRS takes aim at $300 million campaign influence industry
- Happy Thankgiving! How does campaign cash affect the food on your plate?
- Christie brings his clout, fundraising chops to new role as RGA head
- Stockman campaign goes for campaign finance hat trick
- Bakers group happy to win exemption from food safety law
Reporting we're watching
- OpenSecrets: Millionaire Freshmen Make Congress Even Wealthier
- OpenSecrets: Chinese Telecom Firm Says It's Not Giving Up the Fight in Washington
- Sunlight Foundation: Today in #OpenGov 12/5/2013
- Sunlight Foundation: Montgomery County’s Open Data Town Hall, the Town Hall of the Future
- Sunlight Foundation: Scout Delivering Court Opinions Through the Awe-Inspiring Power of CourtListener