Gibbs: Regulatory Reform Bill By Late May Not 'Unrealistic'

The Obama administration said on Tuesday that it expects financial regulatory reform to pass through the Senate -- maybe even through Congress -- by late May, establishing the type of timeline that frequently vexed the president during the health care debate.

"I don't think that is an unrealistic timetable at all," White House Press Secretary Robert Gibbs told reporters, when asked about "a push to get the bill to the president's desk by the end of May."

"Obviously we have had a bill through the House, a bill through the [Senate Banking] Committee, un-amended, nobody on the Republican side even offered an amendment. So I think the next piece of business that the Senate will take up will be financial reform," Gibbs added. "I don't think that [late May] is unrealistic. I think without a doubt the president would like to see, with his signature, sprawling rules in place, certainly prior to the two year anniversary of the collapse of our economy. So I think we are on a pace to make those changes quite quickly."

Following the briefing, a White House aide told the Huffington Post that the goal remains to have the Senate pass its bill by the end of May -- not necessarily to have both chambers get a merged bill to the president's desk (which is what the questioner asked).

Either way, the timeframes represent an accelerated push on the administration's behalf to push regulatory reform into law. On Tuesday, Obama aides and Treasury Secretary Timothy Geithner were scheduled to meet with Paul Volcker -- the influential presidential adviser who has forcefully argued that the administration should take a tough line with big banks -- to discuss reg reform matters.

The ultimate objective, as Obama spokesperson Jen Psaki told the Huffington Post, is to have new rules in place by "at least by the two-year anniversary of the crisis." The time certainly now looks ripe to push the bill over the finish line. The president appears ascendant following his health care reform victory last week. And several Senate Republicans -- namely Judd Gregg of New Hampshire and Bob Corker of Tennessee -- have conceded that some form of legislation will make it into law.

"This is an issue that almost every American wants to see passed,'' Corker said. "There will be a lot of pressure on every senator and every House member.''

Asked what the White House is preparing to do to obtain some Republican support for the enterprise, Gibbs suggested that there isn't a lot of legislative wiggle room.

"We are not going to compromise on what we believe represents a very strong piece of legislation," he said. "The president is going to outline the plan that he believes best puts those rules of the road in place, ensures a strong, independent Consumer Financial Protection Agency, provides the type of clarity and disclosure that the American people need to judge financial reform... I think we are on the path to do that."

Comments

[Richard Davis 1]

12:31 AM on 04/01/2010

Gibbs says "late May" is not unrealistic.. I agree with the month, but the year is undetermined.

[bayside]

09:18 PM on 03/31/2010

Just another way to make us pay for something we didnt do..

[leyvadaniel]

07:06 PM on 03/31/2010

Isn't Gibbs a real handsome man!?

[themainpoint]

12:59 PM on 03/31/2010

To Rob a Country, Own a Bank:

http://www.creditwritedowns.com/2010/03/bill-black-to-rob-a-country-own-a-bank.html

[OBroadhurst]

11:35 AM on 03/31/2010

What does it matter, when the bill will be worthless?

Democrats really need to heed the recommendations of Americans for Financial Reform:

"“Many of the concerns we laid out when Chairman Dodd first introduced the bill remain unfixed as the legislation moves to the floor. At the top of that list is our concern about the independence of the Consumer Financial Protection Agency. A strong and independent Consumer Financial Protection Agency must be the cornerstone of any meaningful reform. We believe the best way to structure a strong and independent Consumer Financial Protection Agency is through a stand alone agency, and we are troubled by the provisions that allow Consumer Financial Protection Agency decisions to be appealed to a council dominated by institutions that failed consumers in the past, and by holes in its enforcement authority. In addition, derivatives, and other elements of the shadow markets—including hedge funds and private equity—must be clearly and effectively regulated, without exceptions or loopholes that undermine these rules, and we must put real measures in place to take on the menace of ‘too big to fail’ banks playing ‘heads they win, tails we lose’ games with our economy."

The House bill is the better bill,and Senate Democrats ought to support its provisions.

[vippy]

09:51 AM on 03/31/2010

Do Republicans live in another country?

[den1953]

09:46 AM on 03/31/2010

The Republicans won't back the bill may as well get it done!

[TomDegan]

08:39 AM on 03/31/2010

Financial re-regulation should be the next item on the agenda - no ifs, ands or buts about it, boys and girls. We had thirty years of deregulated "Reaganomics" and look where that got us. It is my wish that one day the American people overcome their dysfunctional love affair with Ronald Reagan and wake up to the reality that the Gipper was a complete and utter fool.

I was starting to get a little depressed about President Obama. I feared he was on the fast track to becoming another Bill Clinton. It now seems that he might want to be another Franklin Roosevelt. He may be FDR Lite, but I'll take what I can get, thank you very much.

This administration will really get some steam behind it once the midterm elections are behind it. Count on a major upset for "the party of Lincoln" (TOO FUNNY!) The months between now and then will only see their continual implosion.

http://www.tomdegan.blogspot.com

Tom Degan

[janedorothy4]

07:46 AM on 03/31/2010

Another regulatory group who will make more rules that will end up costing taxpayers more just like all the rest of bills and reforms and bailouts and mandates this know it all group of ineffective powermad leaders have thrusted on us .

[Patriot86]

09:09 AM on 03/31/2010

You have to have rules to control the greedy Wall Street thugs so they quit robbing us blind.

[sandals]

07:33 AM on 03/31/2010

So are the Rethugs going to be against reining in the banks or are they going to stand with the banks!
This would be a great ad if they stand with the Big Banks, this should show the American People who they really are and have always been the party of BIG BUSINESS!

The Rethugs have become a Regional Party that is the South. What to do they have against moving this country forward, I love it when the teabaggers scream "They want their country back" Well from where I am sitting it hasn't gone anywhere it has just moved pasted the 50's.

[rbchilds]

03:20 PM on 03/31/2010

Sen. Cantwell (D) and Sen. McCain (R) have a bill in the Senate to reinstall Glass-Steagall, why hasn't Harry Reid put it to a vote? Why is the White House trying to reinvent the wheel? Why is Barney Frank against the bill?

[pomawg]

06:53 AM on 03/31/2010

DUMP RAHM!!

[gsteinum]

06:47 AM on 03/31/2010

mr. stein: the whole article is speculative. simply filler. nice name dropping though.

[gsteinum]

06:45 AM on 03/31/2010

mr. stein: have you forgotten lessons from your english lit. class??? assuming you had any. not what he said,(even by your own account, later) i don't find your attempt at confusion all that cute.

[Coattails]

04:51 AM on 03/31/2010

These timelines are probably a bad idea.

Didn't they go through like 4 or 5 with the health care bill, just sayin.

[iLoveGiraffes]

04:19 AM on 03/31/2010

Probably not a good idea for the Obama admin. We know how their last timeline worked out.