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by Ralph Nader
The Nader Page
May 21, 2010
In the end, late on Thursday’s Senate passage of the financial regulation bill, the Senate had no time for independent, non-government consumer power. In the end, after listening to swarms of corporate bank, brokerage, hedge fund, private equity, and insurance lobbyists, the Senate had no time for Senator Chuck Schumer’s amendment to create a non-profit Financial Consumers Association FCA, SA 3772.
In the end, this massive 1500 page bill shifted very little power directly to shareholders and consumers of financial services (meaning just about everyone) either to better use the courts and to organize nationwide to counteract the lobbying muscle of the financial goliaths ready to turn the new regulators into procrastinatory putty.