Omaha, NE – The U.S. Senate could get a financial reform bill this week.
House members approved the legislation June 30th. Among the provisions in the bill are new consumer protections and regulations on large financial institutions.
Second Congressional District candidate Tom White believes more stringent financial regulations are needed. "I want laws changed so this never happens again," White says. "I mean, when you have Paul Volcker and other people saying they really thought the market would take care of itself and they were wrong, and then you have people like Mr. Terry, who say we don't want real reform, I don't know what else it could take to wake somebody up. This is a crisis."
White's opponent, incumbent Republican Lee Terry, believes the financial reform bill goes too far. "It seems to place burdens on more of main street, making it more costly for small businesses to get the capital that they need, which is completely opposite what I think we need to be doing. This is a case of a bill that goes too far," Terry says.
Terry believes some provisions, such as those giving the Treasury greater oversight, are appropriate and necessary.