Regulations

Senate approves Keystone XL Pipeline, President will veto

by

vetoThe Carbon Monopoly got what they paid for today when the U.S. Senate they purchased gave final approval to the Keystone XL Pipeline.

The bill now goes to President Obama who has promised to veto this congressional interference in the established regulatory approval process, for purely ideological reasons long since detached from any reason or rationality (the regulatory process is scheduled to be completed this year anyway, so what’s the rush?)

Steve Benen reports, Senate approves Keystone XL project, veto awaits:

Three weeks ago, the Republican-led House easily approved legislation to move forward with construction of the Keystone XL pipeline. This afternoon, the Republican-led Senate did the same.

The Senate voted Thursday to build the controversial Keystone XL pipeline, despite a long-standing veto threat from the White House.

Nine Democrats joined a unanimous Republican caucus to support the bill.

The final outcome, which was never in doubt, was 62 to 36.

Read more

GOP bill to delay Dodd-Frank fails on procedural vote

by

Wall.StreetThe TanMan, Weeper of the House John Boehner, must have been feeling his oats after being reelected Speaker. He was cocky and used a procedural rule for the GOP’s attempt to delay the “Volcker Rule” under Dodd-Frank regulations on financial services, requiring a two-thirds majority to pass. Oops! It blew up in his face.

From Bloomberg, Republicans Lose House Vote on Bill Easing Dodd-Frank:

On the second day of Congress’s new session, U.S. House Republicans lost a bid to quickly pass legislation to relax some requirements under the 2010 Dodd-Frank financial regulatory law.

The measure would delay until July 2019 a provision of the law’s Volcker Rule intended to limit risky investments by banks, and make other changes.

The package was defeated because Republican leaders used a voting procedure usually reserved for non-controversial measures, requiring two-thirds support for passage.

Minority Leader Nancy Pelosi urged Democrats not to support the measure, which failed on a 276-146 vote with 282 needed. She called the legislation “an 11-bill Wall Street wish list” in an e-mailed statement. After the vote, she said in a statement that she “was proud Democrats had stood together to protect critical Wall Street reforms.” [35 Democrats did not.]

Read more