Hutchison Still Not Sure About Financial Reform Vote
by: Manuel Quinones, May 18, 2010 8:05:00 pm
Senators have been debating the Wall Street overhaul bill for weeks. Hutchison sits on the Banking Committee and managed to make her mark on the legislation.
One of her amendments allows smaller banks to choose Federal Reserve supervision. That's a marked change from the way Democrats had originally written the legislation. Hutchison says the move will help protect community banks in Texas.
The legislation also includes a new consumer protection office. But Hutchison pushed for the Federal Trade Commission to keep at least some consumer protection powers.
"I think we have improved the bill. But I still think there are key parts of it. I think the derivatives portion is very bad."
The legislation includes strong language regulating derivatives. Those are financial deals many experts say played a large role in the financial meltdown. Like many Republicans, Hutchison says she also wants tough new rules over Fannie Mae and Freddie Mac.
From Capitol News Connection, Manuel Quinones, KUHF News.