What's The One Bank The White House Is Really Trying To Protect In The Financial Reform Battle?

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Last week the financial reform bill was allowed onto the floor for debate, and Democratic Senators got their chance to enter in various amendments going after Wall Street.

Sens. Carl Levin and Jeff Merkley entered in a Volcker Rule-like amendment that would separate banking and prop trading. Sen. Ted Kaufmann is behind a bill that would cap the size of banks. Vermont’s (avowedly) socialist independent Senator Bernie Sanders is pushing for new regulations on the Fed.

Anyway, the free for all is about to come to an end.

According to POLITICO, today is the last day to enter in amendments — at least that’s what Chris Dodd wants.

Meanwhile, The White House is hoping to prevent Democrats from going too far overboard, and there’s one bank in particular that Obama is looking out for:

Still, the White House is watching and has made clear it won’t let Democrats go too far.

“Having the bill shift a little bit to the left or [be] tougher on the banks and on derivatives could be a good thing,” a senior administration official said. “But we’re going to resist stuff that we feel is interference with monetary policy.” One measure that the administration will push back against, the official said, is a proposal to audit the Fed, which has attracted support from a disparate group of members of Congress.

Sorry Ron Paul. The Fed is off limits.

Read more: at POLITICO >

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