Senate “Very Close” on Financial Deal

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The Senate banking committee is reportedly “very, very, very close” to reaching a deal on a consumer-protection agency, which in turn could lead to a breakthrough on a broader agreement on financial-reform legislation. The latest news from the Senate’s grueling, ongoing talks is that several more Senate Republicans—Sen. Mitch McConnell (R-Ky.), Sen. Mike Crapo (R-Idaho), and Sen. Judd Gregg (R-NH)—have joined the negotiations already being lead by Sen. Chris Dodd (D-Conn.), chair of the banking committee, and Sen. Bob Corker (R-Tenn.), Dodd’s main GOP negotiator, the Wall Street Journal reports. It’s unclear why the additional Senate GOPers jumped on board, perhaps to help finish off the closed-door talks.

The WSJ also reported that a deal to house a consumer-protection agency within the Federal Reserve, an idea of Corker’s, remained on the table. The Fed option has been roundly panned by consumer advocates—John Taylor, president and CEO of the National Community Reinvestment Coalition, said he’d rather put the agency at the National Zoo than the Fed—and if passed, would be viewed as a win for the Big Finance. The Senate’s financial-reform negotiations continue today, and a agreement within the banking committee could come as early as this week.

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SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

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