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-- -- call the call -- ladies at the New York Stock Exchange.
The house passed saying yesterday sweeping overhaul of the nation's financial system but the bill is only halfway there.
It's still needs to make its way through the senate joining me now from Capitol Hill to discuss the fate of financial reform.
Is senator Ted Kaufman of Delaware senator senator always a pleasure thank you being here.
Did the Democrats have Nevada senator do they have -- Why did it.
The Democrats have the votes but I'm not sure the Republicans and that's really where that was gonna come down to I think the Democrats have the votes we may lose one or two Democrats.
But the key is we've got to get the sixty minutes because I think I'm pretty sure Republicans on filibuster so we need to pick up some Republicans.
In order to get the filibuster once we get past the filibuster.
Will have plenty of votes to pass this bill but it's just getting the sixty votes need to move to the bill wouldn't.
In terms of the to what I think Democrats since it's democratic they Democrat bill how the votes there than passive.
I don't out -- -- -- all the votes -- -- to pass it if we get to it as you know.
What has happened this year on practically every bill the Republicans have filibustered and forced us to get sixty votes in order to move to the bill.
We have well over fifty votes to pass that is just a matter -- whether we get enough Republicans.
To two vote to close down.
The filibuster and that's really what -- this.
DNA to make -- change -- -- and -- Well they've already made -- made a number of changes -- -- not at all happy with this process I you know.
We're in a situation where they acted that really have to -- negotiate with 12 or three senators and put things in the bills that they want and that's not good.
And legislating and I I think it's a shame that they would -- that the Republicans haven't been stepping forward more.
And said look we're gonna we're gonna come up with a bipartisan bill but now they're negotiating an individual senator Scott Brown had some provision he wanted to -- Massachusetts and others had.
On why they -- about what that number Republicans announced that they will vote -- But it's just the standard legislative process somebody much wiser than me said that.
Either legislation or sausage being made in public it's a particularly -- process.
Well there was one particular sticking point out working the -- earlier -- someone mentioned to me not.
In government outside of it.
But there's no exemption for big corporations.
Say caterpillar -- and they're gonna have to post collateral on existing derivative positions.
I heard a number -- out it could cost what.
400 billion dollars thereabouts.
Do you worry about that becoming -- -- More troublesome spot in the -- -- your ally.
Right now I worry about that but we're not gonna pass and we are definitely not gonna pass before you go out.
I I I don't think I think in the derivatives area -- pretty well cut the derivatives area.
It's not anywhere near what I think he was probably talking about which was the original.
Blanche Lincoln bill which I don't even think that that I mean what there -- what we're trying to do is avoid loopholes were people -- as you know.
And all of us but especially on Wall Street of this loophole we'll go into somebody -- find a way to go throw it.
As they were trying to that in terms and and users but I think the main bill will will allow us to see what's going on -- this market which is absolutely key.
To avoid what happened before.
Another concern among -- All in in financing in these industries is the fact they say this is up -- -- four plants.
And ultimately the power winds at the hands of commissions and regulators so.
Owner who -- going to be the regulator senator.
Well what they get -- let let's go back to square one.
-- -- you know.
We practically destroyed the financial system of the United States.
And we -- the story the world financial system.
My main concern about this bill as we have credible markets have what we have is we regulators we had no regulation.
Some people you know I I think this bill does not ever regulate that was one of my big concerns but we actually positively need regulation.
I'll just give you one example this is not complicated stuff.
Washington Mutual 9% of their equity home loans were liar loans applicable state income -- and the office of thrift posted supervision -- -- of it.
And 25% every year regulating was Washington Mutual they did nothing about it.
63% of their arm loans liar loans and 52%.
There -- there -- Low cost loans were subprime loans were so so but little about regulation just to get cops on the field in order to make sure that you know when we have a Bernie Madoff.
There's somebody there but -- they're saying hey wait a minute.
But then -- is on the Justice Department.
The prosecuting the people who -- I just as -- violates apps like Justice Department is prosecuting we got money one of the things I'm proudest of in my.
Term in the senate was getting money -- do that we're not just talk about prosecuting liar loans accepting liar loans may or may not be fraud.
And on the same media regulator.
To say you can't have 90% in your loans.
The liar loans and that that would on the same thing that oversight of the -- I mean you have just read their read -- -- the box I'm in the good books look at all of them.
There was no regulation -- was a theory it was if you're the same theory that got us the -- the golf senator have to regulate BP.
What really -- -- Your your term is coming to an end when he doing when you -- the senate.
He -- -- -- go back to what I was doing before I got like I'm doing some teaching up to teach it to law school.
I've been doing as of this writing I'll be on some you know.
Nonprofit boards and -- you know I have a I had a good life before I became a senator it's been a great.
Two years -- senator but -- I I I must say I'm looking forward to get back to life where Iraq I can do little more.
Normal thinking and things like that you know vegan but this is -- great this has really been wonderful and I I it's an opportunity that I just.
I mean it's just a great great opportunity I didn't mean to rush out the door and -- he's still got -- -- I violated still I still got some stuff that.
Senator well I'll look I always enjoy -- -- -- -- that's when Beckett had a a look -- -- you again senator Ted Kaufman of Cadillac care.
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