New Banking Rules Expected to Pass Faster Than Health Care
Oswego, NY – Syracuse area Congressman Dan Maffei, who sits on the House Banking Committee doesn't expect new banking regulations to take as long as the health care bill.
Strengthening financial regulations is one of President Barack Obama's top domestic priorities.
The president was in New York City yesterday, March 22 to push a financial bill toward the finish line.
Maffei says he thinks it will be hard for Republicans to block the measure.
"When it comes back and into the final agreement, I think its going to be very challenging for Republicans to say, 'Oh, we should just do nothing and just let the system go the way it is,' because clearly that didn't work and people realize that and they're complaining to Congressmen and Senators," said Maffei.
Republicans have criticized the proposals from Democrats, saying the bills would encourage rather than discourage future bailouts of big banks.
Maffei disagrees, and criticizes Republicans for not offering alternatives.
The Senate is expected to begin debating their version of the bill next week.
The House passed a version back in December 2009.