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Twenty months after the financial meltdown of 2008, the U.S. congress is moving ahead with its financial system reform. In the following weeks, the Senate and House bills will be combined. While many details are still to be ironed out around issues like derivatives and consumer protection, it is clear that the legislation will not break up the massive banks that are blamed with the crisis. President Obama says the legislation will ensure the U.S. taxpayers never again bailout Wall Street, but Public Citizen’s David Arkush says that until the banks influence on Capitol Hill is broken up or countered, there is no way to guarantee an end to bailouts.
Real News Network – May 29, 2010
Banks still the powerhouse in DC
David Arkush: Bank lobbyists outnumber reform lobbyists 11 to 1 on derivatives legislation alone
David Arkush is the Director of Congress Watch, a division of Public Citizen, which serves a dual role of monitoring lobbying activity, while lobbying as a consumer advocate. Arkush joined Congress Watch in January 2008 after working as a staff attorney at Public Justice, where he litigated civil rights, environmental, and consumer cases. He has lectured at Georgetown University, where he was awarded his Masters of Law in 2007. He graduated from Harvard Law in 2003, where he served as Managing Editor of the Harvard Civil Rights-Civil Liberties Law Review.
Kevin G. Hall, is the national economics correspondent for McClatchy Newspapers. Previously he served as Latin America correspondent. During his career he has reported from Mexico City, Saudi Arabia, Miami, Los Angeles and Washington, D.C., for the Journal of Commerce and United Press International. He speaks Spanish and Portuguese.