Shelby’s Finance Bill Betrayal

Sen. Richard Shelby (R-Al.) on Capitol Hill in Washington, DC on Wednesday.| © EPA/ZUMApress.com.

Fight disinformation: Sign up for the free Mother Jones Daily newsletter and follow the news that matters.


On the opening day of debate over legislation that would rewrite the rules of the financial markets, Sen. Richard Shelby (R-Ala.) all but disavowed the bill, claiming it wouldn’t fix anything—and would in fact hurt the US economy. Here’s why that’s shocking: Shelby, the top GOP negotiator on financial reform, has been working on the bill with his counterpart, Sen. Chris Dodd (D-Conn.), for more than three years. Dodd and Shelby have been engaged in grueling, closed-door negotiations for months.  No Republican has more invested in the bill than Shelby. 

Yet today on the Senate floor, Shelby pretty much eviscerated the measure, while a red-faced and anxious-looking Chris Dodd sat across the aisle from the Alabama senator. “This bill threatens our economy,” Shelby said. He added that the bill would leave taxpayers on the hook for future bailouts; the derivatives provisions would impair the economy; a new consumer bureau would stifle consumer lending; and a proposed Office of Financial Research, which would gather financial data used to predict future financial crises, would pry into Americans’ lives and violate their civil liberties.

After Shelby finished his opening remarks, Dodd replied tepidly, half-jokingly, “Other than what you just heard from my colleague in Alabama, he likes the bill.” It’s doubtful whether Dodd actually believes that; anyone who heard Shelby’s remarks doesn’t. Does this mean all those months of talks between Dodd and Shelby were for naught? Possibly. Are Democrats and Republicans back at square one on financial reform? Sure looks like it.

We've never been very good at being conservative.

And usually, that serves us well in doing the ambitious, hard-hitting journalism that you turn to Mother Jones for. But it also means we can't afford to come up short when it comes to scratching together the funds it takes to keep our team firing on all cylinders, and the truth is, we finished our budgeting cycle on June 30 about $100,000 short of our online goal.

This is no time to come up short. It's time to fight like hell, as our namesake would tell us to do, for a democracy where minority rule cannot impose an extreme agenda, where facts matter, and where accountability has a chance at the polls and in the press. If you value our reporting and you can right now, please help us dig out of the $100,000 hole we're starting our new budgeting cycle in with an always-needed and always-appreciated donation today.

payment methods

We've never been very good at being conservative.

And usually, that serves us well in doing the ambitious, hard-hitting journalism that you turn to Mother Jones for. But it also means we can't afford to come up short when it comes to scratching together the funds it takes to keep our team firing on all cylinders, and the truth is, we finished our budgeting cycle on June 30 about $100,000 short of our online goal.

This is no time to come up short. It's time to fight like hell, as our namesake would tell us to do, for a democracy where minority rule cannot impose an extreme agenda, where facts matter, and where accountability has a chance at the polls and in the press. If you value our reporting and you can right now, please help us dig out of the $100,000 hole we're starting our new budgeting cycle in with an always-needed and always-appreciated donation today.

payment methods

We Recommend

Latest

Sign up for our free newsletter

Subscribe to the Mother Jones Daily to have our top stories delivered directly to your inbox.

Get our award-winning magazine

Save big on a full year of investigations, ideas, and insights.

Subscribe

Support our journalism

Help Mother Jones' reporters dig deep with a tax-deductible donation.

Donate