Cloture vote ongoing! CSpan2. Directly prior to vote, Bernie Sanders tore up the Senate floor!

Nelson To CNN: Bill Would 'Adversely Impact Main Street'

17 MINUTES AGO

Sen. Ben Nelson (D-DE), who joined Republicans in voting no on financial reform, explains to CNN that he's worried "this legislation will adversely impact Main Street when the focus needs to be on Wall Street. ... I don't think everyone is aware of the unintended consequences."

http://www.talkingpointsmemo.com/live/financial-reform-wire/?ref=fpblg

Tell the Senate to Strengthen Financial Reform Legislation and Hold Big Banks Accountable

Senator Dodd has released his financial reform proposal. AFR thanks Senator Dodd for taking this important step towards fixing our broken system. This bill takes some important steps to protect consumers, curb Wall Street's greedy and risky behavior, and end the era of "too big to fail." But, it doesn't go far enough. The bill must strengthened as it moves through the Senate.

It has been a year and a half since our economy crashed and the Senate must not wait any longer. Tell them to get moving right away to strengthen the bill and hold big banks accountable.

Text of email:

Senator Dodd has proposed a new financial reform bill called the “Restoring American Financial Stability Act of 2010.” This bill needs to be strengthened to ensure that we protect consumers from abusive financial products and rein in Wall Street. This is the moment to ensure our economy gets back on track. We must prevent more bailouts and economic meltdowns.

Please get to work on financial reform right away! We cannot delay any longer. It has already been a year and a half since the financial meltdown.

Please work to strengthen the bill as follows:

- Create a truly independent Consumer Financial Protection Agency (CFPA). The bill allows a “council of regulators” to overturn decisions made by the Consumer Financial Protection Agency. This council will dominated by the institutions that failed consumers in the past, and the CFPA shouldn’t be beholden to them.

- Regulate All Financial Companies. The CFPA should have enforcement authority over all financial companies, no matter what size they are.

- End the Casino Economy. The bill should more clearly and effectively regulate all Wall Street’s trades, including shadow markets, without loopholes that undermine these rules.

- Prevent More Bailouts and End “Too Big to Fail.” Wall Street banks must not be allowed to be too big to fail, nor should they be allowed to take reckless risks that the public ends up paying for.

http://capwiz.com/affil/issues/alert/?alertid=14833271