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Market-Regulation Bill No Longer on Fast Track: Frank

Obama wants bill passed fast, but Congress chooses to take its time

By Clay Dillow,  Newser Staff

Posted Apr 23, 2009 9:47 AM CDT

(Newser) – Once on the fast track to President Obama’s desk, a bill that would grant the government powers to place large companies into receivership has been pushed to the slow lane, Rep. Barney Frank tells the Wall Street Journal. The bill’s complexity, and a slow-moving Senate, led the Financial Services Committee chairman to package it with broader regulatory legislation pegged for later this year.

Obama has personally pushed for these powers, pressuring Congress to get the bill through quickly, in part to show that he is acting swiftly to overhaul the regulatory framework. But House leaders say a regulatory body is needed first to determine what companies can be placed in receivership, and funding must be secured to finance the winding-down of large, financially complex companies.

President Barack Obama wants to enact a broad overhaul of financial regulations, but legislation to that end is being slowed in Congress.
President Barack Obama wants to enact a broad overhaul of financial regulations, but legislation to that end is being slowed in Congress.   (AP Photo)
House Financial Services Committee Chairman Rep. Barney Frank, D-Mass., left, talks with Treasury Secretary Timothy Geithner, right, on Capitol Hill.
House Financial Services Committee Chairman Rep. Barney Frank, D-Mass., left, talks with Treasury Secretary Timothy Geithner, right, on Capitol Hill.   (AP Photo)
Treasury Secretary Timothy Geithner testifies Tuesday on Capitol Hill before the Congressional Oversight Panel of the Troubled Asset Relief Program (TARP).
Treasury Secretary Timothy Geithner testifies Tuesday on Capitol Hill before the Congressional Oversight Panel of the Troubled Asset Relief Program (TARP).   (AP Photo)
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COMMENTS
Showing 1 of 1 comment
northeast
Apr 23, 2009 5:58 AM CDT
So we know that corporate socialism doesn't work from TARP. This bill can now show us that nationalization won't work. It seems to me that the only other option is to let them fail.

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