[/caption]I have always pondered how we let lobbyists thwart the peoples’ wishes concerning legislation or water them down, so that their impact is negligible. But this is what lobbyists do and are paid a mint to do.
The unholy union of former politicians now working on behalf of industries is an affront to the Democratic voting process. But I received a little good news today that the Wall Street lobbyists, who advocate on behalf of Fannie Mae and Freddie Mac, may have been upstaged and outflanked by Representative Jeb Hensarling (R–TX).
CNBC’s Washington Correspondent Eamon Javers is reporting that Texas Congressman had the definition of financial institution changed to include Fannie Mae and Freddie Mac.
The crucial language was handwritten and scribbled on the pending bill being written to address reform in the financial sector. The beauty is that it may be too late for the lobby boys to do anything about the language, which makes Wall Street liable for Freddie and Fannie's liabilities.
Mark my words, my elation may be a bit premature, because the lobbyists, assisted by their politician friends, will try to move heaven and earth to redact the language. God forbid that the burdens that are so disproportionately placed on the regular folks be borne by Wall Street.
Normally, we hear of the massive Polk added on to various legislations, which initially had no inkling that said Polk would be part of the bill. You have heard Senator McCain complaining bitterly about this legislative grab-fest, which is used to add on the Polk just before the bill in question becomes law.
This time score one for the little guys and for having some semblance of accountability in our fiscal house. If we promote Fannie and Freddie as being Government giants in our financial cogs, where the denizens of Wall Street make much loot, surely they must bear the burden when the liabilities caused by the two financial siblings.
Rep. Hansarling is leaving it up to the Financial Services Committee Chairman, Barney Frank (D-Mass.), to fix the problem concerning the amended language the former placed in the legislation.
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