• Home
  • News
    • Politics & Government
    • Business & Economy
    • Crime / Courts
    • Health / Medicine
  • Sports
    • High School Sports
    • Radio Iowa Poll
  • Affiliates
    • Affiliate Support Page
  • Contact Us
    • Reporters

Radio Iowa

Iowa's Radio News Network

You are here: Home / Business / Harkin mystified by Republican opposition to financial reform

Harkin mystified by Republican opposition to financial reform

April 29, 2010 By Matt Kelley

Legislation which Democrats say is designed to bring sweeping reforms to the nation’s financial industry will move forward in the U.S. Senate now as Republican opponents on Wednesday night dropped efforts to block debate on it. Iowa Senator Tom Harkin, a Democrat, says he was mystified by the Republicans’ actions.

“They were filibustering the bill because they wanted to see some changes made,” Harkin says. “Isn’t that what the amendment process is all about? We don’t have a rule here that says they can’t offer amendments. You bring a bill up and if someone’s got an idea on how to make it better, they offer the amendment. In fact, I’ve got a couple of amendments I’m going to be supporting on the bill that I think make it stronger.”

Iowa’s other U.S. Senator, Republican Chuck Grassley, says he opposes the legislation because it would lead to more government bailouts at taxpayer expense. Harkin says that’s just not the case. “This idea it’s a taxpayer (funded) bailout is just absolutely, totally false,” Harkin says. “What it was was setting up a fund that all of these institutions had to put money into. That was that $50 billion fund. It was not anything at all paid for by taxpayers.”

Grassley also disagreed with the bill’s proposed creation of a Consumer Protection Agency, claiming it would only bring more bureaucracy. Grassley says government doesn’t need to get bigger but existing agencies need to be given broader powers to be watchdogs in the financial world. Again, Harkin disagrees.

“The existing agencies have shown that they’ve got so much on their plate that they can’t do this,” Harkin says. “I am strongly in favor of a Consumer Protection Agency in the financial industry that will protect our consumers. We need somebody that’s independent that isn’t always just sitting down with the big banks and brokerage houses, but really is looking out for the consumer.”

Republicans had blocked debate on the financial overhaul bill the past three days. Senators are now beginning what’s expected to be two weeks of votes on amendments to it.

Share this:

  • Facebook
  • Twitter

Filed Under: Business, Politics / Govt Tagged With: Chuck Grassley, Democratic Party, Republican Party, Tom Harkin

Featured Stories

Iowa State Patrol tactical team leader killed in Grundy Center stand-off

Finalists chosen for the state’s top burger

Paintings by Clinton woman gain a following in Europe

Iowa deadline for individual income taxpayers moved to June 1

Dialing rules changing for two area codes in Iowa

TwitterFacebook
Tweets by RadioIowa

New title sponsor for Des Moines Marathon

Iowa State adds Minnesota transfer

Cedar Rapids preparing for big return of sports events

Iowa Games returning with full slate of sports

Iowa’s Garza sweeps national awards

More Sports

eNews and Updates

Enter your email address:

Delivered by FeedBurner

Archives

Copyright © 2021 ยท Learfield News & Ag, LLC