Axelrod, Farrell Hail Financial Reform Bill

Philip Bunnell - Talk Radio News Service

David Axelrod, Senior Advisor to the president, and Diana Farrell, Deputy Director of the NEC, told reporters in a Friday conference call that they are pleased to see the financial regulatory bill pass the Senate.

Farrell said that the reform bill was almost perfect and contained “90% of what the president wanted.” She also said that the Obama administration’s second major victory of the year will bring financial security to Americans nationwide and will help boost economic recovery.

Axelrod agreed and expressed his approval of the Wall Street bill, but he also admitted he was “surprised” with remarks from Republican members of Congress who have already begun the fight to repeal legislation.  Early Thursday afternoon, House Minority Leader John Boehner told reporters that he believed the bill to be “ill conceived” and suggested it be repealed.

“We’re not moving backwards, we’re moving forwards,” Axelrod said in response to Republican criticism.

Senate Republican Defends "Yes" Vote On Financial Reform

Chuck Grassley (R-Iowa), one of four Republicans in the Senate that voted yesterday to pass financial reform, sent a statement to reporters on Friday justifying his support for the bill.

“There’s no question this bill has flaws," he said. "But a message needs to be sent to Wall Street that business-as-usual is over. After what happened leading up to the 2008 financial crisis, something’s got to change."

During the nearly three week long debate on the bill, Grassley offered a number of amendments aimed at increasing transparency within the financial regulatory sector, three of which passed. One of those amendments would put in place for employees of credit-rating agencies the same whistle-blower protections enjoyed by corporate employees.

Though earlier in the week he voted multiple times against cutting off debate on the bill, Grassley said the need to reform the way Wall Street works is what ultimately convinced him to change his mind.

"Taxpayers need protection," he said. "Big banks and financial institutions took advantage at the expense of average Americans, and the system let them get away with it. This bill takes a step in the direction of trying to fix things."

Obama Senses Victory After Senate Passes Key Vote On Financial Reform

President Barack Obama thanked the Senate on Thursday for voting to end debate on a key financial regulatory reform bill. The 60-40 vote means that the bill can now proceed to the floor for a final vote.

Though two Democrats, Sens. Russ Feingold (Wisc.) and Maria Cantwell (Wash.), broke with their party and voted no to ending debate for a second straight day, three Republicans, Sens. Olympia Snowe and Susan Collins of Maine, and Sen. Scott Brown (Mass.) voted yes, giving 57 Democrats the minimum number of votes they needed to block a filibuster.

Addressing reporters in the White House Rose Garden following the vote, the President praised the Senate for moving the bill forward, but cautioned against celebrating prematurely.

“We’ve still got some work to do,” he said, reminding supporters that the Senate still must pass its bill before it moves to conference. “There’s no doubt that during that time, the financial industry and their lobbyists will keep on fighting.”

But so will the administration. Four weeks ago, Mr. Obama memorably went to Wall Street to make the case for reform. Since then, the President and his financial reform team have hit the road in an attempt to sell the public on the plan. And earlier this week, the President was successfully able to convince Senator Brown to break with Republicans and change his vote, from no to yes.

As a result, the White House feels confident that they’ve won Round One of the battle.

“Over the last year, the financial industry has repeatedly tried to end this reform with hordes of lobbyists and millions of dollars of ads,” said the President. “Today, I think it’s fair to say that these efforts have failed.”

NYC Mayor Says America Needs More Immigrants, Not Less

By Benny Martinez - University of New Mexico / Talk Radio News Service

New York City Mayor Michael Bloomberg said that the United States needs more immigration in order to stabilize an otherwise faltering economy.

Moderated by PBS host Charlie Rose, Bloomberg and Director of National Economic Council Lawrence Summers spoke Friday about the future of America’s economy and its relatively high unemployment rate.

“We need more immigrants, not less,” said Bloomberg. “They work very hard [and] they’re very entrepreneurial."

New York City’s mayor added that entrepreneurship is a crucial component in increasing the rate at which the Gross Domestic Product (GDP) grows and unemployment rate decreases.

To tap into this factor, Bloomberg suggested that Congress could grant green cards to immigrants from across the world who want to come to America to start businesses. In his theory, these prospective entrepreneurs would be permitted to keep their green cards indefinitely as long as they employ at least ten people. Bloomberg said that these initiatives would help boost the GDP and simultaneously reduce the unemployment rate.

Along with Bloomberg’s suggestions, Summers emphasized that increased access to quality education plays a role in creating job opportunities for future generations.

In today’s educational system, Summers said, “the dumbest rich kids are more likely to go to college than the smartest poor kids.”

The duo both agreed that the current financial reform bill encompasses what is necessary to get the economy back on its feet.

House Republican: Wall Street Debate About “Smart Regulation And Dumb Regulation”

By Justine Rellosa- Talk Radio News Service

Rep. Jeb Hensarling (R-Texas) told reporters during a briefing Wednesday with other Republicans that the debate over financial Wall Street reform legislation comes down to a difference between “smart regulation and dumb regulation."

Rep. Tom Price (R-Ga.), who joined Hensarling, pointed out what form these "dumb regulations" could take.

"This legislation ... is going to harm job creation and capital formation in America,” said Price. “It continues to enshrine us as a bailout nation.”

Rep. Scott Garrett (R-N.J.) added that Congress should avoid using using taxpayers' money to fix the problems incurred by mortgage giants Fannie Mae and Freddie Mac.

“If there is any party that is standing up for big banks, it’s the Democrats,” he said.