House To Vote On Massive Financial Reform Bill

Chet Edwards voted yes on DISCLOSE Act sent to Senate

U.S. Representatives will vote this week on a massive
financial reform bill sponsored by Banking Committee
Chairman Barney Frank.

Titled the Dodd-Frank Act of 2010, the new law is opposed by
nearly all Republican members of Congress and supported
across the board by Democrats following a successful vote
last week to file a conference report jointly with Senate
members.

The new law is aimed at transparency in financial dealings
and putting an end to government bailouts of financial
institutions deemed "too big to fail."

Co-authored by Senator Christopher Dodd (D-Conn.), the bill
would:

* protect consumers by creating a independent consumer
financial protection agency to end ripoffs such as
"exploding mortgages;"

* end bailouts by setting up procedures to wind down
failing financial institutions by making banks - not
taxpayers - foot the bill;

* limit the risky practices that got banks into trouble and
forces banks to set aside much higher reserves to cushion
the blows when things go wrong;

* shut down the "shadow markets" created by the trade in
derivatives, which are currently secret, highly risky and
virtually unregulated.

In other matters, U.S. Representative Chet Edwards voted yes
in a very close call of the question on the Democracy is
Strengthened by Casing Light on Spending in Elections
(DISCLOSE) Act, which passed 219-206 with 8 members not
voting. The bill would require new practices in reporting
for corporations, unions and other interest groups for
campaign-related activities. The bill now goes to the
Senate.