It was just a little over a year ago when Senator Dick Durbin pointedly observed about the US Senate that “the banks frankly own the place.” It was a refreshing bit of honesty for those of us who have long felt that big banks have gotten off too easy after wrecking the entire economy.
But last week, the world’s greatest deliberative body bucked the moneyed interests and passed the most far-reaching regulatory reforms to rein in the worst abuses of big banks and predatory lenders since the Great Depression. It’s really a remarkable thing. And Senator Chris Dodd, much maligned for his close relationships with bankers, proved once and for all that he stands with working families and consumers when it counts the most.
If you haven’t done it yet, you can take a moment to thank your Senators for doing the right thing and standing up to Wall Street.
The legislation isn’t perfect. Wall Street’s lobbying juggernaut didn’t totally strike out. But almost nothing that manages to pass both Houses of Congress is perfect. But once this legislation is signed by the President, every day families will have a little less to fear from the fine print.
And it’s not over yet. The bill passed by the Senate must still be reconciled with the bill passed in the House before it goes to the President’s desk. Sign the petition to stand up for a strong bill.
But it’s nice to know that once in a while, it’s still possible to remind the Senate that they answer to the voters, not to Wall Street.
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