Wednesday, July 7, 2010

Chet Edwards Voted Against Wall Street Reform Act

Gave the nod to deficit unemployment extension measure

Representative Chet Edwards (D-17) voted no on the Dodd-
Frank Wall Street Reform and Protectioin Act last week when
the House sent the proposed measure to the Senate in a 237-
192 test with 4 members not voting.

Co-authored by Senator Christopher Dodd (D-Conn.), the bill
would protect consumers by creating an independent consumer
financial protection agency to end ripoffs such as
"exploding" mortgages;

* end bailouts of 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.

Representative Edwards voted yes on an extension of
unemployment benefits for laid-off workers that would last
until Nov. 30. The Senate later rejected the measure.
Republican Senators insisted that the funds to extend the
unemployment benefits should come from economic stimulus
package funds that are as yet unspent and not by deficit
financing that would increase the record deficit budget. The
measure passed by 270 votes to 153 negative tallies with 10
members not voting.

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