Biden’s Role in the Mortgage Mess

Barack Obama likes to say the current mortgage mess was created by Bush, and that if McCain wanted to stop it, he’s been in the Senate long enough.  That’s ignores Joe Biden’s history in that same institution.

Take the Financial Services Modernization Bill (S900 in 1999).  It was “an Act to enhance competition in the financial services industry by providing a prudential framework for the affiliation of banks, securities firms, and other financial service providers, and for other purposes. ”  Among its provisions were provisions to

– Provide a prudential framework for the affiliation of banks, securities firms, insurance companies, and other financial services providers.

– Grant the Treasury Department oversight responsibility of banks’ financial services, excluding real estate activities and insurance underwriting

– Require public disclosure of all financial agreements made under the 1977 Community Reinvestment (CRA) Act

A “yes” vote would repeal Depression era banking restrictions.  A “no” vote is a vote against sweeping changes in the rules governing financial institutions and is a vote in favor of the President’s position.

Biden voted against these protection.  McCain voted for them.  It passed and became law.

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