AFR: Defeat of Brown-Kaufman Amendment is a Win for the Banks

AFR: Defeat Of Brown Kaufman Amendment Is A Win For The Banks
Overall Bill Remains Strong But Big Banks Are Working Day And Night To Weaken It

After the first full week of debate on Financial Reform the bill remains strong but the Big Banks did score a victory by defeating the important Brown Kaufman Amendment.  Americans for Financial Reform (AFR) issued the following statement today on the defeat of the amendment:

Heather Booth, Executive Director, Americans for Financial Reform:
“The defeat of this amendment was a win for the biggest banks.  Its passage would have addressed a fundamental problem that led to this crisis, and we applaud Senators Brown, Kaufman and their co-sponsors and all those who stood with them. This amendment would have greatly strengthened the bill, but the underlying bill remains strong. What last night’s vote did show was the big banks will stop at nothing to defeat or weaken this legislation The big banks will use all their might and power to undermine real consumer protection and gut states rights protect their residents from abusive and illegal lending. They will seek loopholes in reining in the casino economy. They will try to continue gambling with our money, and oppose separating risky speculation from commercial banking. They will oppose real protections for investors and accountability for corporate governance.  They do not want accountability.  As we did this week, next week when debate and votes continue on this bill, we will fight day and night to pass strong financial reform legislation.”