Economic Security
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Conference Committee Consideration of the Wall Street Reform and Consumer Protection Act (H.R. 4173)
By DAVID LIGHTMAN AND KEVIN G. HALL
The draft legislation that lawmakers used as their starting point Thursday for writing the final version of the most sweeping overhaul of financial regulation since the Great Depression contains key provisions to combat predatory lending and provide relief from foreclosure.
The 1,974-page bill combines elements of bills that both the Senate and the House of Representatives already have passed. It leaves for negotiation areas where the two chambers took different approaches.
By Sewell Chan
Negotiators from the House and Senate gathered on Thursday to merge two bills representing the most comprehensive changes to financial regulation since the Depression, but the script they acted out was largely being written elsewhere.
Republicans quickly accused Democrats of largely putting on a political show in the form of seven days of televised meetings, including debates scheduled over the next two weeks. The White House wants a final bill on President Obama's desk by July 4.
by Zenitha Prince
For African Americans and other minorities financial reform is particularly important, advocates, lawmakers and officials said.
"For starters, they've been disproportionately hurt by the current system, which has allowed this ‘go-go' mentality of ‘anything goes,'" said Kathleen Day, spokeswoman for the nonprofit, Center for Responsible Lending. "And as we can see, unfairly targeting specific groups isn't good for anybody … it isn't good for the whole United States."
By Dr. Boyce Watkins
I listened in on a White House conference call today being hosted by Dr. Cecilia Rouse, a member of the White House Council of Economic Advisors. I agreed with the reasons for the call, given that African-Americans have been hit the hardest by the economic crisis. Some might argue that we have the most to gain if the financial reforms are actually passed. I agree with that assessment.
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