With a congressional battle brewing over what is being touted as the biggest attempt at financial regulatory reform since the Great Depression, most pundits are predicting that, despite token Republican opposition, some version of the bill that originated with Senator Chris Dodd’s Finance Committee will soon pass. Senate Republicans blocked the first attempt to bring the matter to a vote on April 19, but Democrats and the Obama administration vowed to continue to press wavering Republicans to support the bill.
Senate Democrats beat back a Republican alternative amendment to Connecticut Democrat Christopher Dodd's Restoring American Financial Stability Act of 2010 (S. 3217) and will soon consider an amendment to audit the Federal Reserve Bank authored by Louisiana Republican David Vitter. The GOP substitute amendment failed in a 38-61 vote May 6.
The Competitive Enterprise Institute filed a complaint with the Federal Trade Commission on May 4, saying that General Motors is misleadingly claiming in a TV advertisement that it has already paid back its government loan in full.
Newspapers are dying. That is the message from the latest Audit Bureau of Circulations, an independent firm that checks the average circulation of various print periodicals. The average drop of newspaper circulation nationally was 8.7 percent. This was somewhat smaller than the last quarterly audit, which showed an average circulation drop of 10.6 percent, but the circulation figures were bad enough.