Nebraska Democratic Senator Ben Nelson announced his position on reform legislation that he says will protect Nebraskans from future abuses from Wall Street.
“I’m going to vote for the final Wall Street Reform legislation to stop bank bailouts and protect Nebraskans and Americans from a lot of the reckless behavior that almost pushed the American economy into a second Great Depression. It is hard to believe that was almost two years ago but it was and at that time it was clear the banking system was in trouble and it was world-wide and if we didn’t step forward and do something then to keep the banks open we would end up in dire consequences.”
Senator Nelson says there are many different aspects to this bill that will help restore accountability and confidence in our financial system.
“Prohibit taxpayer money from being used for future bank bailouts. It ends the “too big to fail” bailouts. Provides some comprehensive and transparent regulation of the multi-trillion dollar derivative market that was largely responsible for that economic crisis and continues to hurt us. Provides for an audit of the Federal Reserve and really protects Mains Street from footing the bill for Wall Street. Community banks will be paying less for their FDIC insurance costs. Provides a consumer protection liaison and also requires the salaries and compensation for senior executives of failed financial firms be paid last after all creditors.”
Senator Nelson says before he decided to support this legislation, he asked numerous questions, especially about the Consumer Protection Bureau that is under the Federal Reserve that could have unusual “powers” over small businesses. Senator Nelson says that was addressed.
“What makes me uneasy but there are some protections and that is what we went back and took a look at. First of all the regulations can be called back by an over-arching governing board if they get far out-field. I’ve already got a group of my colleagues who wrote a letter to the IRS on small business issues in respect to health care reform on 1099 filings to not add more cross and requirements to small businesses and a group of us are going to do the same thing as it relates to this Consumer Protection Agency.”
A number of Nebraska organizations and entities support the financial reform conference report now before the Senate and the House of Representatives for final approval. They include the Nebraska Retail Federation, Nebraska Grocery Industry Association, Nebraska Petroleum Marketers and Convenience Store Association, Nebraska Restaurant Association, Nebraska Rural Electric, Nebraska Farmers Union and Nebraska Department of Banking and Finance.
