Tuesday, May 18, 2010

Manufacturers Line Up to Fight Financial Reform

   If this administration is so intent on 'more exporting' of our goods, why do they constantly pass bills, laws, and taxes that hurt the manufacturing industry?  I think it is mostly due to ineptitude of those who are in congress and have know idea of what they are really doing or how and who these regulations will be hurting in the long run.
Sometimes it is too late to go back and fix a bad bill or legislation.  We need good paying jobs in this country, lets help manufacturing and not 'Kill the Golden Goose' or it might fly away to another country.

One might not think of Harley-Davidson as the face of opposition to the financial reform bill currently working its way through Congress, but the motorcycle manufacturer has joined a group of industrial organizations far from Wall Street that are fighting to rework the legislative language. From Mars, the maker of M&M’s and Snickers, to eBay, to Caterpillar and General Electric, a surprising combination of companies have united against financial regulation because they claim it would inadvertently harm their businesses. The reform bill, as currently constituted, runs over 1,400 pages long, and proposes, among other measures, a council of regulators to identify companies that have leveraged themselves to dangerous points that threaten the broader financial system. If identified, the council could force it toward liquidation or mandate that it put more capital in reserve, according to a report in The Washington Post on Monday. In response, Sen. David Vitter (R-La.) proposed an amendment that would exempt any companies that earn less than 85% of their revenues from financial services, an effort aimed specifically at manufacturers.


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