Utah senators Vs Wall Street reforms

Posted by Diana Yusuf on Friday, May 21, 2010

Utah's senators joined their Republican allies in voting against the financial regulatory reform bill that has consumed the Senate for weeks, but they didn't have the numbers to derail the bill. Four Republicans joined all but two Democrats to pass the bill late Thursday.

Sen. Bob Bennett, a member of the banking committee, said the Democratic bill "was rushed through haphazardly" since the economic collapse that was exacerbated by risky bets placed by financial firms.

"The intent of financial regulatory reform was to rein in Wall Street and prevent another financial crisis; the outcome is a flawed bill that increases government overreach and puts taxpayers at risk," he said.

Sen. Orrin Hatch called it a "legislative monstrosity." He disagrees with a provision that allows the Federal Deposit Insurance Corp. to dismantle a failing financial firm instead of a bankruptcy court. He also thinks it should have reformed the major mortgage firms Fannie Mae and Freddie Mac.

"What we have is a lesson of legislative overreach that will cause more harm than good all in the name of so-called 'reform' that is bad for Utah and bad for America," Hatch said.

Congressional leaders will now try to meld the Senate bill with a version previously passed by the House.

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