Middle East Focus: Counting Bean Out, Swine Flu and Banking Reform……………

Arabia Deserta

Counting Bean Out, Swine Flu and Banking Reform……………

“In a major defeat for Wall Street banks, Rep. Melissa Bean (D-Ill.) has decided to withdraw an amendment that divided Democrats as they seek to impose stricter regulations on the financial industry. A keystone Democratic reform would create a federal Consumer Financial Protection Agency, but would allow states to pass more aggressive regulations. Wall Street banks have been fighting to include "federal preemption" in the legislation, meaning that state regulations could be no tougher than the federal guidelines. Consumer advocates said they'd rather have no bill than one with preemption because the banks could either capture the federal regulator or a new administration could strip its teeth out………Heather Booth, director of the pro-financial-regulation coalition Americans for Financial Reform, told HuffPost that Bean's amendment was considered the biggest threat to the CFPA…….. That scenario is in serious doubt, however, because Bean's family has been stricken with what is apparently swine flu and she may be too contagious to travel to Washington………” Huff Post (clearly in a Bean counting mood).
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