Finally, the Republicans Come Out to Fight: Where Is the President?

Simon JohnsonMIT Professor and co-author of 13 Bankers
Posted: May 19, 2010 10:22 AM


The Senate Republicans are refusing to allow a vote on the Merkley-Levin amendment, which would put a meaningful version of the Volcker Rule into law (splitting off proprietary trading from major banks).

After weeks of dancing around, the Democrats finally have a signature issue on which to fight. Senator Carl Levin frames it exactly right: "It's a sad day when the power of Wall Street can overwhelm the power of the American people in the US Senate."

This is the opportunity that White House claims it has long sought -- to have an intense fight on a financial reform issue that everyone can understand. Paul Volcker made his determination long ago: the big banks are too big and must, in this fashion, be broken up. Senators Merkley and Levin negotiated the precise language of their amendment in good faith. The Republicans have made their answer clear: No way.

Time for President Obama to make the call.

Only the president can break through the daily logjam of information. Only the president can define the issues in the simple, powerful and convincing terms that people can grasp. Only the president can insist -- this is a matter of urgent national priority.

remainder in full: http://www.huffingtonpost.com/simon-johnson/finally-the-republicans-c_b_581603.html

I had a Senate whip count on this amendment somewhere.. (Maybe as a link in an email) And I can't find it... All I know is that my two NY Senators were "undecided"..

I'm thinking that Gillibrand will be an easier sway than Wall Street Chuck..

I agree with Johnson, Obama needs to get this out there and fight for what is the correct measure here.

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