Now that the health care bill has been passed into law, many Americans are asking, what’s next? Will it be Immigration Reform? Will it be Cap and Trade in the Senate?
Take a cue from the White House’s recent announcement to use TARP funds to expand the housing aid program, which will also enable some homeowners to refinance their current private-lender mortgages through the Federal Housing Administration (FHA) instead. And if you’ve followed some of my SEIU posts in recent months, you know very well that Financial Reform has been number two on their list.
Just days ago, the Senate Banking Committee approved Senator Chris Dodd’s (D-CT) financial reform proposal, the Restoring American Financial Stability Act of 2010. Behind the scenes, Dodd is said to have been working with House Financial Services Committee Chairman Barney Frank (D-MA) to negotiate a final version of the bill that the House will approve. Just two weeks before it passed the Health Care bill last December, the House passed H.R.4173, the Wall Street Reform and Consumer Protection Act of 2009. While Dodd’s bill is viewed as less stringent than the House bill, both include a controversial stand-alone Consumer Financial Protection Agency (CFPA). If these next several weeks of closed-door negotiations are successful, word on The Hill is that we could see financial reform enacted by Memorial Day.
The proposed legislation, most specifically the CFPA, extends far beyond Wall Street; it will expand government even further and give it unprecedented powers like never before. And with more government power comes the potential for abuse.
Let’s be reminded, for example, of what Senator Chuck Schumer did to one financial institution in 2008.