Wow, so it looks like we could have votes on the Senate Bill starting next week. So this is going to move very quickly.
It’s going to move quicker because nobody wants to be tagged as pro-Wall Street with Lehman and Goldman in the new cycle. And it’s moving even quicker because the “Bailout Fund” talking points Republicans put all their weight behind (and it was all they said in the House too) were false, and quickly batted away.
Since things are so uncertain and moving so fast, there are a few things that can change that would make a huge difference in building a more stable financial system. I’m created a quick two-page backgrounder here: Six Critical Elements of Financial Reform, laying out six pieces of financial reform that are still in play but could change by the hour. Each one of them is necessary to really doing this right, and if you are interested in making this bill better at the margins these are the things that will really make a difference. Here is a chart that summarizes them:
There are going to be waves of protests for financial reform; here are some things that could change with an amendment vote that are worth fighting for. Even if you don’t support every part of this list, I do encourage you to learn more about Menendez’s off-balance sheet amendment. (Link to online language when I can get it.)
So hold the line on two fronts, and pass three amendments. Should be easy, right?