Obama's Banking Regulations Meet Congressional Opposition
President Obama's proposed banking regulations hit some major roadblocks in the Senate this week, making it look increasingly unlikely that they'll pass in any meaningful form.
After intense debate spanning three days and two hearings, the Volcker rule—a policy that would put a stop to proprietary trading by commercial banking institutions—doesn't appear capable of passing. Though the proposals may not go through as planned, Senate Banking Committee Chairman Christopher Dodd maintains hope that some form of stricter regulations will pass.
The unfortunate truth of the matter is that when this all comes around to bite us in the ass—and if banks continue to operate solely in their own interest, it undoubtedly will—I'm sure Obama will be the one to take the blame. As president, he's tried to make good on his promises, but Congress seems hell bent on preventing him from doing so.
And despite Democratic leadership in the White House and Congress, the Republicans have somehow managed to control the narrative, turning their constituents against the policies that would ultimately help them the most. Change might come eventually, but it's going to be in a weak, watered-down form that many Americans will still find inexplicably unpalatable.