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Will Permanent Bailouts Pass on Tuesday?

Will Permanent Bailouts Pass on Tuesday?  

Senator Reid filed for cloture today of Senate Bill 3217, also known as the Restoring American Financial Stability Act of 2010, introduced by Democrat Senator Chris Dodd of Connecticut.  There is a 72 hour window from the time cloture is filed until the time cloture on a bill may be voted.  Cloture must receive 60 votes to keep the bill moving in the Senate for amendments and for the final vote on the bill.  If cloture fails, the bill is stalled if and until the Senate can produce 60 votes in favor of cloture.   CLICK HERE to read the actual 1,421 page bill.  

Keep on the pressure up for no votes on Cloture.    

This bill in short grants permanent, unlimited bailout authority to the Federal Reserve.  It's like TARP forever without the nasty, unpopular debates and votes in Congress.  Beyond that it gives the Fed the power to takeover vaguely defined "nonbank financial companies".  And the Fed has the power to decide what constitutes a "nonbank financial company" on a case by case basis.   Here are some links to a few articles that give a bit more insight into this very, very bad piece of legislation which must be stopped:   How To Create Bailouts Forever   Hidden Danger in Dodd Financial "Reform" Bill   Dodd Bill Creates Permanent TARP and You Can Quote That   Connecting the Dots: Does Wall St. Want Dodd Bill?   Obama: Read My Lips, No More Bailouts (But Let's Keep $50 Billion Around Just in Case)   

What can you do to make a difference?  

 Here are Four things:  

1.) Please contact your own Senators first and voice your opposition to this bill.  If possible, physically go in person to the local home offices of your two Senators and speak to someone there who will take note of your opinion and pass it on.  If you're not able to go in person, please call, email, and fax the offices of both Senators from your state. (Find Your Senators by State on the Senate Website)  

2.) Call, email, and fax these 8 Republican Senators who are not yet 100% opposed to this bill:

Bob Bennett of Utah (202) 224-5444


Susan Collins of Maine (202) 224-2523


Christopher Bond of Missouri (202) 224-5721


Saxby Chambliss of Georgia (202) 224-3521


Bob Corker of Tennessee (202) 224-3344


John McCain of Arizona (202) 224-2235


Olympia Snowe of Maine (202) 224-5344


Scott Brown of Massachusetts (202) 224-4543 

3.) Write Letters about this issue to your local paper for publication on or before Sunday. 

4.) Leave comments on as many news blogs and websites related to this subject as you can find.  


(Copyright © 2010 By Alice Linahan All Rights Reserved.)

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Alice Linahan Keller Williams Realtor Argyle-DFW  Cell 972-322-8313

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Note from Alice: This is my post and my opinion and may not be the opinion of Keller Williams Corp.

A reminder: This is my public blog.  Posters who leave comments that are personal attacks against the blogger or other commentators will be deleted. Debate the issue!!!! Thank you


Comment balloon 1 commentKevin Robinson • April 27 2010 02:23PM


Gosh, it's nice to see a list of Republicans who are seriously looking at an issue that has absolutely nothing to do with "permanent bailouts" and everything to do with regulating the sector that brought us the most despicable financial crises since the great depression ;-)

Posted by Russell Lewis, Broker,CLHMS,GRI (Realty Austin, Austin Texas Real Estate) about 9 years ago