John McCain's gamble

Discussion in 'Congress' started by Chris, Sep 21, 2008.

  1. Chris
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    Chris Gold Member

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    John McCain's Gramm Gamble
    The GOP presidential nominee is relying on the ex-senator who helped bring you the mortgage crisis and Rick Perry.
    Patricia Kilday Hart | May 30, 2008
    In the early evening of Friday, December 15, 2000, with Christmas break only hours away, the U.S. Senate rushed to pass an essential, 11,000-page government reauthorization bill. In what one legal textbook would later call “a stunning departure from normal legislative practice,” the Senate tacked on a complex, 262-page amendment at the urging of Texas Sen. Phil Gramm.

    There was little debate on the floor. According to the Congressional Record, Gramm promised that the amendment—also known as the Commodity Futures Modernization Act—along with other landmark legislation he had authored, would usher in a new era for the U.S. financial services industry.

    John McCain's Gramm Gamble by Patricia Kilday Hart - The Texas Observer
     

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