There’s been a quite a stir in Washington these days. Depending on your status, the recent political activity could either give your wallet a boost or a wallop. With less than a month before summer recess and eight weeks until mid-term campaigning, the White House and Congress have focused on two fiery issues—financial reform and extension of unemployment benefits. I discussed these topics this morning with crusading attorney and radio host Warren Ballentine on his nationally-syndicated show. Both of us share the belief that it’s important to know details and debates of upcoming legislation. In today’s unpredictable environment, the stakes are high and missteps can cost you money and your life.
First, let’s take financial reform. President Obama has maintained that the overhaul will prevent another crisis of the magnitude of the subprime-induced financial tsunami of 2008 that swept away the homes and nest eggs of millions. The devastation left survivors who may never recover. He asserts that the 2,300-page bill sponsored by Democratic Sens. Christopher Dodd and Barney Frank will offer protection “against the unfair practices of credit card companies and mortgage lenders.” Before Independence Day, the House approved the package with little Republican support. In today’s vote on financial reform, the Senate bill is expected to have the 60 votes necessary to overcome filibuster and ensure passage.
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