The Financial Reform bill is now submitted in the Senate.
The bill passed the Senate committee yesterday, 13-8. All Democrats and Republican Sen. Grassley agreed on the measure.
The Financial Reform bill, has another name -- the Wall Street Reform bill. The Wall Street is known for its lobbying activities. Here is an interesting article on lobbying "Descending Into the Ninth Circle of Washington Hell". The top big six banks -- they comprise of 63% of GDP. Surprisingly, or not so surprisingly, the shares of top 10 banks rose to 58% in 2009, up from 44% in 2000 ("Will Gold Be Bolstered By The Goldman Sachs Fraud Case?"). They are responsible for the financial collapse and the bailouts for those banks by the tax money that followed.
How much those companies give to each individual and the parties are, in terms of hundreds of thousands of dollars and more each. The money to selected few, can change the direction of the country, then the investments are not so unprofitable. The drawback of course is that the top banks that can afford to uphold such amount can dominate in the contributions ("Wall Street gives much to lawmakers in reform debate").
For the particular measures in the bill to monitor OTC deals of derivatives, though, the supports came from the small derivatives dealers ("Small US Derivatives Dealers Praise Reform").
The bill passed the Senate committee yesterday, 13-8. All Democrats and Republican Sen. Grassley agreed on the measure.
The Financial Reform bill, has another name -- the Wall Street Reform bill. The Wall Street is known for its lobbying activities. Here is an interesting article on lobbying "Descending Into the Ninth Circle of Washington Hell". The top big six banks -- they comprise of 63% of GDP. Surprisingly, or not so surprisingly, the shares of top 10 banks rose to 58% in 2009, up from 44% in 2000 ("Will Gold Be Bolstered By The Goldman Sachs Fraud Case?"). They are responsible for the financial collapse and the bailouts for those banks by the tax money that followed.
How much those companies give to each individual and the parties are, in terms of hundreds of thousands of dollars and more each. The money to selected few, can change the direction of the country, then the investments are not so unprofitable. The drawback of course is that the top banks that can afford to uphold such amount can dominate in the contributions ("Wall Street gives much to lawmakers in reform debate").
For the particular measures in the bill to monitor OTC deals of derivatives, though, the supports came from the small derivatives dealers ("Small US Derivatives Dealers Praise Reform").