But if the "Financial Regulatory Responsibility Act" can't be understood in logical terms, it can certainly be understood in financial ones -- especially for its Congressional sponsors, who bask in campaign contributions and look for Conrad-like sinecures upon leaving office. Organizations lobbying for the bill include the American Bankers Association, the U.S. Chamber of Commerce, the Managed Funds Association, and a wide range of financial and insurance companies.
As the saying goes: Follow the money.
And as Washington argues about whether it should spend millions to save Main Street's residents trillions, both parties are reportedly open to a budget agreement that would cut $130 billion in Social Security benefits for the elderly and disabled over the next 10 years (according to White House estimates). In Washington that's an acceptable "buy-partisan" solution.
But, especially for the Republicans, it isn't acceptable to ask the bankers who cost Americans trillions of dollars -- and walked away wealthy -- to spend millions to prevent another trillion-dollar crisis.
After all, they might have to spend one million dollars.
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