SENATE BILL: Fair Banking Act (Failed)

[Southern Senator North Carolina Yankee]

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Sponsor: TNF

[Southern Senator North Carolina Yankee]

The sponsor has 24 hours to begin advocating for this.

[Southern Senator North Carolina Yankee]

With all do respect for the Senator from the Midwest, he just doesn't seem to even differentiate between excessive profits and profits in general terms.

Profits are the means by which one is paid for engaging in an activity that benefits someone else and without which one would not benefit otherwise and thus creates mutual benefit and motivates that activity beneficial to someone else. It is a form of return on investment. In exchange offering up time, intelligence, creativity, organizational skills and investment capital, in order to make or produce something, money in excess of cost of the production is retained to compensate for all these aforementioned items. In their absence, there is simply no motivation to offer the product or service. The harder, more complex, or more risky the laying out of those, ought to proportionally lead to higher returns for them being put forth. There is nothing inherently corrupt in expecting a return for investing the above described resources of talent and time.

This would lead necessarily to the nationalization of the entire banking sector save maybe for banks lending to businesses and to other banks. The ones hit the hardest will be the smallest and branch bank, which will vanish. What remains will be concentrated in the hands of a few firms and thus bringing back the spectre of too big to fail, necessitating bailouts when they do.

[Southern Senator North Carolina Yankee]

Our best bet I think is regulation with regards to the banking sector and we have gone quite a lot in that regard as far back as 2008 with the restoration of Glass Steagal, to the regulatory package I composed in 2009 and amended a year later, and subsequent actions that we have taken in this regard as well.

We have to be careful because we want to avoid concentrations of assets and power into a few firms that can go astray and tank the economy. Over-regulation can lead to that by squeezing out the smaller and newer firms to the benefit of the larger firms, which will necessarily be less hubris in their actions and more convinced of their own invulnerability.

I think one of the mistakes made by the Bush administration was getting people into homes without doing enough to ensure they had a job that paid enough first. I think our best bet to improving people's living quarters starts with good paying jobs and even before that with a good education. We can regulate on excess but unless we see 1980 levels of interest rates, I don't think we have much of a problem wtih access to capital at affordable rates and more of a problem of the house or car itself being affordable.

[Southern Senator North Carolina Yankee]

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Status: Senators have 24 hours to object.

[Southern Senator North Carolina Yankee]

The amendment is adopted.

[Southern Senator North Carolina Yankee]

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Sponsor Feedback: Origination
Status: Senators have 24 hours to object.

[Southern Senator North Carolina Yankee]

Objecting on the merits, also there is a typo where it says, "credit unions shall off"


If the amendment vote passes, I will just fix the typo myself.

The problem with this is I worry that it might reduce access to such services to the very people we are trying to help.

[Southern Senator North Carolina Yankee]

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Status: Objection filed by Senator NC Yankee, A vote is now open on the amendment, please vote Aye, Nay or Abstain.

[Southern Senator North Carolina Yankee]

Nay

[Southern Senator North Carolina Yankee]

This ends tomorrow.

[Southern Senator North Carolina Yankee]

Vote on Amendment 59:86 by TNF:

Aye (4): bore, Talleyrand, TNF and TyrionthEImperialit
Nay (4): DC al Fine, Goldwater, NC Yankee and shua
Abstain (1): Mr. X

The vote is tied and shall be broken by the President.

[Southern Senator North Carolina Yankee]

Who happens to the be the "President of the Senate" as well. That is why they refer to the chair as "Mr. President" on C-Span, since the Senator presiding is standing in for the President of the Senate, which is Vice President Joe Biden (actually he is standing in for the PPT who is in turn standing in the for the VP, talk about apssing the buck).

But yes, I was rushing and left off vice.

[Southern Senator North Carolina Yankee]

Ah Matt?

[Southern Senator North Carolina Yankee]

THe amendment has been defeated. You promised an alternative, TNF?

[Southern Senator North Carolina Yankee]

What is the point of five when you have four?

[Southern Senator North Carolina Yankee]

If you create a system withotu fees, it will naturally outcompete those that charge them. There is no need to prohibit the charging of fees by everyone else.

[Southern Senator North Carolina Yankee]

Isn't there a more narrow way of accomplishing that though?

[Southern Senator North Carolina Yankee]

Isn't there a more narrow way of accomplishing that though?

I can always introduce an amendment removing Clause 5.

Since we haven't proceeded yet, I can always remove it now since you stated a desired to do so.

[Southern Senator North Carolina Yankee]

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Sponsor Feedback: Origination
Status: Senators have 24 hours to object.

[Southern Senator North Carolina Yankee]

Seeing no objection, Amendment 59:98 has been adopted.

[Southern Senator North Carolina Yankee]

So if we are done here, Matt can put this to a vote then?

[Southern Senator North Carolina Yankee]

NAY

Vote on Final Passage of the Fair Banking Act:

Aye (1): TyriontheImperialist
Nay (6): DC al Fine, Goldwater, Lumine, Mr. X, NC Yankee and shua
Abstain (0):

Didn't Vote (3): bore, Talleyrand and TNF

With six votes in the negative, 24 hours can be called for vote changes.

[Southern Senator North Carolina Yankee]

I think the way the final vote went down is bullsh**t, by the way, since I said I was open to amendments. But if the Senate wants to pander to payday lenders, so be it.

If you can compose and post an amendment text by tomorrow, I will cancel the vote.

The situation changed between the 10th and the 12th and the VP must have missed the resumption of debate after four days of silence.

[Southern Senator North Carolina Yankee]

Well TNF?