Political Bargaining And The Filibuster
Senator Russ Feingold has refused to sign on to the FinReg conference compromise and Susan Collins has pulled the ball away yet again. Maria Cantwell, who voted against FinReg before, has not stated her position yet.
I want to take a look at Feingold's position for a moment and consider whether he is engaged in political bargaining and whether his use of the filibuster procedure is a good idea. (For background, see my previous writing on political bargaining.) Feingold said:
As I have indicated for some time now, my test for the financial regulatory reform bill is whether it will prevent another crisis. The conference committee’s proposal fails that test and for that reason I will not vote to advance it. During debate on the bill, I supported several efforts to break up ‘too big to fail’ Wall Street banks and restore the proven safeguards established after the Great Depression separating Main Street banks from big Wall Street firms, among other issues. Unfortunately, these crucial reforms were rejected. While there are some positive provisions in the final measure, the lack of strong reforms is clear confirmation that Wall Street lobbyists and their allies in Washington continue to wield significant influence on the process.
Is this bargaining or a position? If it is bargaining, it is late in the day for this. What does Feingold want and what would be the process for getting it in? Let's discuss this on the flip.
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