United States – Wall Street and Washington Job Action

October 15, 2011

By Padmini Arhant

American families across the nation are hurting from the tough economic times with layoffs, housing market decline, credit crunch and expensive health care costs taking toll on middle class, lower income groups and small businesses all over.

Main Street justified frustration over high unemployment; unlawful foreclosures and unaffordable health care expenses are demonstrated in ‘Occupy Wall Street’ protests spreading within and outside the country.

Protestors could peacefully assemble near Capitol Hill and the White House for reminder on the unresolved economic problems and social inequality in the United States and abroad.

As for Washington measures on jobs – the lawmakers failed to pass the jobs bill this week and,

Instead approved free trade agreements with South Korea, Colombia and Peru. respectively for manufacturing jobs at home although,

The legislative success is dependent on the trading partners’ reciprocation i.e. the consumer demand and affordability for American goods.

Meanwhile, U.S. Congress has agreed on payroll tax holiday and unemployment insurance extension that are positive steps with immediate relief for the jobless and those facing retrenchment in the uncertain economic environment.

If both parties in the House and Senate could set aside the political differences for common goals,

Perhaps it would facilitate job growth in private and public sectors essential for economic revival.

Addressing the serious housing crisis with lenders unlawful practices is pertinent for the following reasons:

Improper foreclosures is depriving American homeowners ownership allowing foreign investor frenzy to capitalize on the American plight that needs to be fixed considering,

The mortgage securities as derivatives component are tied to overseas assets.

Furthermore, there are inherent risks involved in such investments due to short-term selling and swap agreements generating volatility in the global market.

Notwithstanding the equity transfer from domestic to offshore holdings embedded in the sovereign wealth funds cause political concerns besides economic turbulence in the globalized economy.

Remedies to these ramifications lies with Congress in easing the burden on home owners through effective strategies such as –

Resurrecting foreclosure moratorium enabling homeowners to renegotiate mortgages with property reevaluation to current market value and,

Payment modification per existing rates would protect American interests in the desperate housing situation.

The home loans revision for families regardless of hierarchy on the verge of losing homes could reverse the trend and boost jobs in the construction industry and service sector.

Any relief thus far is limited to conventional practices with the bulk of the homeowners left at the mercy of lenders’ discretion often premised on short-term gains suppressing the housing market rebound.

While the taxpayer bailouts based on ‘too big to fail’ salvaged the default banking industry despite the illegal sub-prime mortgage activities,

The delinquent homeowners are forced to deal with contrary response ranging from aggressive evictions to unreasonable payment options.

The banks were rescued unconditionally and the financial institutions in return have not only restrained money supply prolonging the credit crunch but also denied majority homeowners refinancing opportunity and small business entrepreneurs capital infusion.

Wall Street with substantial cash reserves could create and retain employment rather than preparing to slash 10,000 finance jobs in the coming months that would exacerbate the dire economy.

Corporations’ role confined to economic development with disengagement from political governance through lobbyists would promote government functionality and efficacy in legislative matter.

Companies incentivized with Bush tax cuts extension have failed to deliver the anticipated job growth and expansion only to be substituted by job reduction and/or exports contributing to national debt and trade deficit.

Repealing Bush tax cuts and redirecting financial resources to organizations committed to domestic jobs would enhance free market performance.

Micro-credits is yet another avenue to empower business proprietorship and alleviate economic pain from unemployment status.

Communities with alarming jobless rate could potentially utilize micro-credit facility for self-employment and niche market.

United States is endowed with skilled work force, ingenuity and innovative talent leading in sophisticated technology and other global achievements that revolutionized urban lifestyle.

U.S. workers productivity resulted in economic boom worldwide supporting developing economies to advance at a phenomenal pace.

There is an urgent requirement to turn U.S. economy around with Corporations assuming primary responsibility in providing jobs, liquidity and restoring homes for American families.

U.S. economic recovery is paramount for Wall Street and Washington.

Corporations cannot exist without workers and politics would desist in the absence of electorate.

Citizens’ grievances are real and legitimate – the economic issues cannot be resolved without political will and corporate investments in domestic economy.

Government and Corporations expediting job oriented economic surge is the universal expectation with millions of lives in jeopardy.

Corporate and Political leaderships are urged to prioritize American jobs, housing, health and business prospects over personal aspirations and partisanship.

Global recession could be contained upon U.S. economic progress.

Action and not procrastination would guarantee the desirable outcome.

Hopefully rationality would prevail in arriving at consensus on economic solutions.

Peace to all!

Thank you.

Padmini Arhant














United States – National Debt Ceiling, Deficit Reduction and Balancing the Budget

July 24, 2011

By Padmini Arhant

Leaders in Congress and White House held vigorous discussions on national fiscal crisis up until recent standoff disrupting political discourse.

The main focus was clarifications from each side in achieving the goal and winning congressional support for their specific agenda.

The White House request to raise debt ceiling by $2.5 trillion carefully analyzed by Congress.

Cut, cap and balance bill aimed at middle class, senior citizens and veterans from Republican majority in the House rejected in the Democrats controlled Senate.

Meanwhile the Gang of Six from the Senate presented their version highlighting tax reform alongside deep spending cuts creating a political puzzle with the legislative and executive branch struggling to arrive at a consensus urgently required to prevent national default portending serious ramifications upon failure.

Given the current national debt at $14.3 trillion extending credit limit by $2.5 trillion to facilitate borrowing for spending without revenues in the form of tax restructure and other sources exacerbates the debt situation.

Republican House bill targeting essential programs like Medicare, Medicaid, Social Security and Veterans benefits while demanding spending cap at 2008 level in the absence of revenues to accommodate White House $2.5 trillion credit increase is imprudent considering the prevalent economic conditions on unaffordable health care costs and high unemployment.

The Republican members’ mandatory requirement to balance the budget through constitutional amendment is an important strategy to restore fiscal order.

However the milestone cannot be reached on severe austerity alone.

Last year Bush tax cuts extension to the wealthiest individuals and corporations with extraordinary gains was overwhelmingly approved holding the optimistic outlook on job creation and economic revival yet to be realized a year later.

The agreement between Republican members and White House in 2010 on Bush tax cuts extension proved detrimental since the opportunity to rein in deficit then was missed with generous tax breaks to the top 10 percent thereby transferring the debt burden on the remaining 90 percent – the routine targets in fiscal management.

White House stance is claimed to be over trillion dollars in spending cuts i.e. domestic discretionary and defense spending combined in addition to $650 billion from entitlement programs such as Medicare, Medicaid and Social security.

The contention for the White House is revenues not measuring up to spending restraints from the Republican side.

White House determined to obtain debt ceiling increase to a tune of $2.5 trillion beyond 2012 elections.

White House expectation from Republican members is to raise $1.2 trillion income through tax restructuring that would lower tax rates by broadening base and eliminating tax loopholes plus deductions to maintain balance.

Republican House members on their part favor slash spending and no revenues especially tax related options not considered in the equation.

The pragmatic approach to the highly contentious issues – raising debt ceiling and taxes simultaneously with drastic spending constraints not sparing Medicare, Medicaid, Veterans benefits and Social security could be rationalized beginning with two major resolutions.

It would be economically sound to abandon impulsiveness when searching for practical rudiments to complex fiscal conditions.

Following precedence on debt ceiling extension is not suitable in the highly volatile global environment featuring promising gains and precipitous decline in individual and overall growth.

Similarly, compromising entitlement programs such as Medicare, Medicaid, Veterans benefits and Social Security – the only safety net for average Americans in the political bargain is best safeguarded than dismantled to attain positive returns through productivity and consumerism from healthy, able and economically stable citizens.

First and foremost, review and re-organize budget appropriations.

Budget financing for current expenditure already available in discretionary as well as defense allocations, tax reforms addressing tax evasions and deductions for luxury purpose rather than tracking the middle and lower income stimulus programs returning to the economy being the consistent consumer segment is a straightforward approach.

Exploring savings and revenues for government operation could begin with freezing salary increase and perquisites availed by Congressional members and federal agencies top management including the executive branch for two years.

Poignantly wasteful spending by Congress and federal organizations on travel and trimming bureaucracy with efficient technology could bring some relief.

Reviewing trade tariffs, levies and fees applicable on imports and providing incentives to corporations for local manufacturing and industrial expansion would trigger economic upward trend.

Selling or privatizing government owned buildings and tangible assets could assure cash conversion.

In an attempt to enhance the super wealthy income status – lowering tax rates for the rich and concurrently imposing taxes viewed negligible against the underemployed American work force tilts the scale higher again on the middle and lower income groups barely surviving in the harsh economic environment.

Corporations like General Electric innovative techniques to not only avoid paying taxes but also receiving tax refunds on zero tax payments are the kind to be blocked and dues collected retrospectively to fund legitimate services.

Protracted government operations and congressional offices replicating functions could be centralized to perform under single unit directives and supervision.

U.S. taxpayer bailouts of banking industry from 2008 to date – toxic assets removal from bank balance sheets with treasury intervention using taxpayer funds enabled banks to avoid bankruptcy,

Since rescue with taxpayer funds – banks have not eased the credit crunch experienced in commercial lending, housing market and small business stalling progress and economic recovery.

Accountability on interests owed and remaining principal balance from the bailout recipients could aid treasury from potential national default considering the banking sector’s record profits largely directed to CEO‘s extravagant bonuses and stock option distribution adhering to business as usual practice.

Eliminating tax subsidies to energy industry exempting clean natural resource energy production,

Nonetheless pursuing fossil fuel producers are some aspects of savings and revenue prospects to assist in debt reduction.

Environmental damages from gross negligence as witnessed in Gulf coast oil spill and repeat offences restoration costs collected from energy, pharmaceutical and agricultural chemical fertilizer companies…would supplement state and national income.

Without having to raise debt ceiling now or in the future, the unused budget allocations not excluding redundant expenditures could be identified for budgetary requirements.

Lowering tax rates from 35 to 29 percent to the top bracket could be incentivized for domestic investments and job creation instead of the reduction standardized that is otherwise held in offshore tax havens and Swiss bank accounts.

Again reiterating the fact that mortgage interest payments and other genuine deductions to middle and lower income groups representing the vast active consumer base and labor force routinely reinvested back in the economy.

Therefore any drastic initiatives to terminate essential services to Senior citizens, veterans and vulnerable demography notwithstanding economic stimulants to middle class America would fall back on the state ultimately affecting national GDP.

The House Speaker John Boehner and Republican House members’ position declining debt ceiling adjustment is relevant in light of alarming national deficit at $14.3 trillion and inevitably escalated with $2.5 trillion borrowing that could be procured from within the budget and monetary instruments at the treasury.

At the same time, Republican Congress in the house and Senate cannot avert default without meaningful and realistic fiscal solutions consisting revenues with tax reforms, levies and payments from Wall Street for causing economic and environmental adversity.

Although spending cuts targeting Main Street is the predominant component in every proposal not sparing the economically vital programs like Medicare, Medicaid, Veterans provisions and Social Security,

Republican majority in the House – Legislation titled cut, cap and balance primarily slashed and deprived significant population from basic existence.

White House plan extracting $650 billion Medicare, Medicaid, Veterans and Social security is in coherence with Republican strategy – streamlining funding for fundamental needs and tampering with robust Social security system.

Senate Gang of Six debt minimizing strategy admittedly contains 74 percent deep spending cuts and 26 percent revenue – the estimate cited as inadequate by the White House and,

Last but not the least –

Senate Republican minority leader Mitch McConnell offer yielding to White House on elevating debt ceiling generates a perception of political maneuver due to onus entirely on Democratic administration undertaking huge deficit hike likely to impact democrats in the 2012 election.

Hence ascertaining wealth in possession, income flow from taxes and other revenues juxtaposed to discretionary, defense and Congressional frugalities could provide for various government obligations.

In terms of deficit containment – ending the wars in Afghanistan, Iraq, Pakistan, Yemen and Libya and divestments in economy, health care, education and infrastructure repair and renewal is the only viable permanent remedy to rebuild the nation.

Constitutional amendment to balance the budget would not be sustained as long as the unsubstantiated unaffordable indefinite warfare remains the agenda for any administration.

The lawmakers and the White House passion to bring troops home from all corners of the world and sincere engagement in constructive dialogue leading to fruitful negotiations on all issues – fiscal matter in particular would exemplify congressional pledge towards national and public interest.

With the nation on the brink of financial insolvency communication breakdown and obstinacy for political reasons perpetuates the problem and adversely impact incumbents on both sides.

Esteemed members in Congress and White House are urged to resume talks by isolating political differences for bipartisanship on budget –

Without moving debt ceiling,

Preserving Medicare, Medicaid, Veterans and Social security funding,

Expeditious tax overhaul for ongoing legitimate income,

Exploring further income options on federal government activities and,

Finally concluding wars conducted on borrowed money from overstretched credit limits and external creditors viz. China and Saudi Arabia.

It’s time to halt the destructive course and steer the nation forward with thoughtful decisions relieving the present and next generation from burgeoning debt as long lasting legacy and tribute to the brave hearts for their sacrifice to the nation they defended in all frontiers.

Hopefully wisdom and rationality would guide leaderships in the peaceful reconciliation of fiscal and monetary policy.

When diverse ideas recognized and formulated to promote common cause that guarantees satisfaction to all then none left behind in their aspiration to rise to the occasion.

Good Luck! To all members for successful legislation on national debt reduction, adopting fair income expenditure methods in balancing the budget and diligently reverting to budget surplus than relying on enlarging unmanageable debt ceiling.

Peace to all!

Thank you.

Padmini Arhant













The 112th Congress begins on January 5, 2011

January 5, 2011

By Padmini Arhant

Welcome! To the 112thCongress with the Republican House and Democratic Senate.

The power shift in the new Congress is prepared to make some significant changes to the House rules, previous legislation and the Senate procedure.

Initiatives to implement proposals on Congressional transparency and accountability through on-line presentation of legislation as outlined in the blog post ‘Defining the Humanitarian Responsibility’ – 04/16/2010 on this website is deeply appreciated.

Yet another strategy as stated earlier on omnibus spending delineating earmarks from the Congressional budget would enable legislators to clarify the expenditure.

The recommendation for bill funding to be raised from cutting costs and not through revenues might lead to essential program termination with an adverse economic effect.

If the Republican House pursues permanent spending slashes while increasing liabilities in prolonged wars and tax cuts for the billionaires – the formula used during their earlier majority rule that led to the status quo, it would be the same experiment seeking different results.

Fiscal responsibility is a constant requirement. Nonetheless avoiding brazen measures would confirm pragmatism over ideology.

Further, the majority seizing budget control with the incoming chairman of the House Budget Committee having unilateral authority in domestic spending until budget resolution passage defies checks and balances per the constitution pledged to be upheld in the ‘send-a-message’ category on January 6, 2011.

While it is necessary to trim the legislation volume for better understanding within the allowed time frame, it is equally important to include relevant issues concerning the people and national interest.

In similar context permitting additional amendments and open debate on the bill for proper scrutiny is sensible provided it is not political but carried out to ensure prudence.

Some issues have been presented on the floor over the decade like START treaty eventually ratified in December 2010 and the unsuccessful DREAM ACT rejected on ‘short notice’ basis even though the records reveal otherwise.

On the contentious health care repeal and tax cuts legislation making exception to the impending Republican rule by denying amendments or evading costs in new bills introduction affecting national deficit – a Republican campaign priority reflects double standards and political dominance rather than balance of power.

Amendments to the health care legislation instead of repeal might be the appropriate action in order to protect any crucial components benefitting the sick, the poor and the tax payers now and in the long run.

It’s imperative for the ruling and the opposition members in Congress to transcend partisanship through mutual exchange of ideas and policies in achieving legislative victories guaranteed to move the nation forward.

Reiterating the earlier expectation that the events in 112th Congress would comprise less conflicts and more cooperation for national good.

Best Wishes! To the newly elected and incumbent members in Congress for a successful and harmonious beginning prevailing until the end.

Thank you.

Padmini Arhant

Bust Tax Cuts Expiry and Permanent Extension to Middle Class America

October 18, 2010

By Padmini Arhant

The Congress members were debating on the contentious Bush tax cuts for the top two percent wealthiest scheduled to expire in 2011,

While introducing the permanent tax cuts for the middle class and small businesses, the two most vulnerable groups in the economy with the skyrocketing national debt.

The hard to detect ‘Who is Who’ in the contemporary national politics, there is one thing that is crystal clear, the real voices for democracy representing the people are being shut out by the myriad of influences from all directions predominantly focused on their personal agenda.

This particular bill deserves the republic attention for it concerns them and their future with the multi-trillion dollars liability transferred to the average citizens and their dependents expanding over several decades.

The arguments are all about whether or not to let the infamous Bush tax cuts to the top 2% wealthiest in the society expire and allow permanent tax cuts to individuals or the combined income up to $250,000.

Those earning above $250,000 would be subject to the applicable progressive tax structure i.e.

After the permanent tax cut on the initial $250,000, the residual or remaining income to be taxed appropriately under the new law.

Although it is a viable proposal the political factions are deviating from the course doing harm than any good to the interests they represent.

As such legislative process has increasingly become a ceremonial event than a result oriented action marginalizing the purpose behind every bill.

If the legislators were serious then they would direct their attention to the content and proceed with the bill introduced by the House Congress members – Reps. Raul Grijalva, Alan Grayson and Mary Jo Kilroy to protect the middle class and the small businesses alike.

It appears from the real power brokers’ bizarre approach that they are for it as much as they are against it leaving the public hoodwinked like with every other legislation experienced by the suffering average Americans.

The Republican Senators not surprisingly favor the Bush tax cuts extension perhaps indefinitely if possible and at the same time vehemently oppose the middle class permanent tax cuts.

What does it mean is the Republican members’ empathy for the super-rich living an extravagant lifestyle is a priority over the national deficit.

The Bush tax cuts to the affluent 2 percent is expected to add $836 billion to the explosive deficit not to mention the middle class and the small businesses punished with the tax liability for a prolonged period.

Contrarily, the Republican members explanation for their opposition to middle class permanent tax cuts is the rhetoric – ‘out-of-control’ spending contributing to the ballooning national deficit.

Now on the Democrats part – the Senate majority leader Max Baucus bill is aimed at permanent tax cuts to the middle class along with estate tax relief forever at 2009 levels on inheritances worth over $1 million dollars in addition to maintaining a historically lower 20% flat rate on dividends and capital gains.

The Baucus package is estimated to cost approximately $2 trillion still half of the Republican minority leader Mitch McConnell’s plan.

Nevertheless, the generosity to the wealthiest through perennial estate tax exemption would raise the national deficit by a phenomenal $250 billion dollars. Again the debt shared among the middle class and the small businesses to ease the pain on the wealthy.

In the House – the Blue Dog Democrats – the conservative wing of the Democratic party have demanded that the tax cuts be either extended to all – the middle class and the wealthy alike or abandon the concept in its entirety.

Otherwise, a simple and straightforward action has developed into a complex legislative rigmarole.

The only legislators with a sensible and pragmatic solution are the Progressives in the House of Representatives – Congress members Raul Grijalva, Alan Grayson and Mary Jo Kilroy in their bill with permanent tax cuts for the middle class and letting the Bush tax cuts to the wealthy expire offsetting one another without affecting the national deficit unlike the others.

It’s clear from the legislators’ positions that the wealthiest individuals and corporations have superfluous representation in Congress on both sides deeply committed to the rich campaign donors.

Hence, the only hope for the electorates entrusting power to lawmakers are the Progressives with a defined goal to improve the average American lives against all odds and yet they are viciously attacked on the campaign trail with malicious rumors and propaganda.

The majority American electorates are confined to the corporate legislators’ policies elevating rather than alleviating their plight parallel to the vertical national debt.

Therefore, the middle class, the small businesses and the income groups in the $250,000 threshold need to come forward and urge their representatives to vote for the Progressives’ House bill in this matter.

Evidently, the Progressives bill is guaranteed to expedite the economic recovery besides helping to move the nation forward.

Failure to recognize the electorates’ grievances would confirm the incumbents’ misplaced preferences and as the political candidates seeking re-election they are accountable to the voters, the victims in the corporate dominant and U.S. Chamber of Commerce funded campaigns as well as legislations.

With the midterm elections around the corner, the American voters have an awesome responsibility to exercise diligence in choosing their representatives to Washington and the State Capital.

The status quo is largely due to the power entrusted in candidacy fulfilling obligations to their campaign financiers instead of the constituents electing them to the public office.

Please request your Congress members to hold a special session and pass the Progressives House Bill on permanent tax cuts to the middle class effectively benefiting all.

If the Congress is adjourned then the electorate could have them return to deliver on this particular legislation prior to the election. The lost opportunity would exacerbate the usual uphill battle and potentially lead to the legislation demise.

Please act now to secure your economic prospects and save the future generation from the burgeoning financial burden.

Thank you.

Padmini Arhant

Congressional Elections 2010 – Prognosis

September 15, 2010

By Padmini Arhant

The recent primaries indicate a strong surge among the Republican base compared to the Democrats and the independent voters.

There is urgency for the Democrats and the independents to get back into action similar to the tidal wave witnessed in 2008 to accomplish their goals.

Grievances on some issues among both groups are justified. However, they cannot be addressed without effective representation in the House and the Senate. Abstinence or the eleventh hour effort could only lead to more frustration allowing the conservative blockade to continue.

Both democrats and independents need candidates with high quality performance reflecting solid commitment to the people and environment. Candidates willing to stand up to the entities against public and national interest from corporate affair to military warfare, the two predominant factors contributing to the alarming national deficit and myriad of social-economic disparities deserve voter approval.

The Republican members are not the choice whether they are tea party candidate or establishment nominee for they represent the big industries and not the average citizens. It is confirmed in the ‘Nay’ votes on legislation concerning the economy and host of other issues since January 2009.

Likewise, the democratic establishment instrumental in opposing single payer system or public option in health care reform, closing loopholes in finance legislation and swaying to the energy behemoths’ call to adhere to fossil fuel, nuclear energy despite the misgivings and horrific mining accidents in the United States and around the world,

Last but not the least against troop withdrawal from Afghanistan, Iraq and elsewhere – owe valid explanation to the democratic base and independents for rejecting their voices in all these issues.

Democrats have struggled with legislative process in both Houses of Congress, more in the Senate than the House, even while being a majority in 2009 as seen during the contentious health care bill and economic issues.

It’s paramount for the industry, union or any special interest backed candidates to be transparent and clarify their true representations on all things related to the American electorate in addition to providing legitimate reasons for not demonstrating them in action.

The voters have an obligation to identify their requirements and choose the candidate with proven record or having demonstrated the will to challenge the forces undermining democracy on all issues.

Essentially pragmatism over ideology enhanced by inclusive rather than divisive positions would yield bipartisan solutions to the problems confronting the nation.

Republican legislators have absolved themselves from constitutional duty to work with the Democrat majority in legislative matter throughout Obama Presidency letting partisanship prevail in life threatening issues such as jobless benefit extension, small business lending and 9/11 rescue workers health care assistance.

Unfortunately, the persisting Republican opposition on legislation to benefit average Americans fails to recognize the social and economic cost ultimately affecting all in the interdependent society with the irony being the national deficit used as a pretext in this context.

Democrats, independents and disenchanted republicans have a great opportunity to come together this election in electing the officials pledging allegiance to the American people and not the oligarchy responsible for the Washington status quo.

The electability criteria in consistent with the constitutional oath is the real test for the new contenders and the incumbents alike.

They could precisely be the following:

Disavow partisanship, declining special interests influence and,

Above all maintain ethical standards through accountability with corruption in politics being a worldwide epidemic denying progress to a substantial population living in abject poverty and lifelong miseries.

Honesty and integrity determines human character, yet it’s not an integral element in the quest for public office.

In fact, the systemic abuse of power is the fundamental cause of the contemporary social and economic inequality.

American electorates hold the power to implement these changes in Washington through the electoral process that could restore the broken system and renew the tarnished image.

Voting is no longer an option but an absolute necessity to rescue the nation from the repeat catastrophe experienced at the dawn of twenty first century under President George W. Bush and Vice President Dick Cheney.

Besides, voting is a constitutional right granted to citizens in a democracy to protect their civil liberties and freedom from internal or external threats.

American electorates have awesome responsibility to elect the hard working, diligent and trustworthy officials not only to represent them in the United States but also the fellow citizens across the globe.

Congressional decisions made in Washington impact the approximate 6.5 billion people destiny.

Therefore, it is imperative to ensure the massive voter turnout in November 2010 or earlier in states like Ohio facilitating mail-in ballots.

First time voters may register in their local districts and join the other electorates to cast their votes on or before the election date provided it is permissible.

Democrats, independents and disillusioned republicans – please contribute to
Democracy for America (DFA) dedicated to the positive change in Washington and across the United States at:


Also, Please help Senator Barbara Boxer in raising $200,000 by September 18, 2010 for media fund. It’s a daunting task. Nonetheless, the Senator’s campaign is grassroots funded unlike her opponent Carly Fiorina – financed by the U.S. Chamber of Commerce apart from the contestant’s personal campaign investment.

Please visit www.barbaraboxer.com for your affordable and generous donations.

Most importantly, please secure your future and the dependents prospects by casting your vote as early as possible.

Please rally America via email, texting or visiting DFA to energize voters.

Thank you.

Padmini Arhant

Midterm Election 2010 – An Opportunity to Rebuild the Great Nation

September 13, 2010

By Padmini Arhant

Midterm Election 2010 is an opportunity to rebuild the great nation – the United States of America.

From the latest developments it’s clear that Washington is broken and desperately requires citizens’ involvement in governance to restore the renowned American values that remains the basis in attracting many across the globe.

United States is resilient, resourceful and admirably courageous in dealing with any crisis.

It is evident in this great nation’s history for it has weathered the fierce storms and survived even the “Great Depression.”

The people representing the stars and stripes have come forward as one nation and contributed their unique skills in building the United States as the economic engine and a model democracy.

United States is the beacon of light for the entire world and the leadership will continue to provide the necessary guidance to those seeking political, economic and social progress in their domain.

The fall election is crucial to implement the changes that Washington has been deprived due to partisanship and special interests dominance in the legislation.

The political majority and the minority that prioritizes public interest and delivers the campaign promise are worth re-electing.

It predominantly rests with the American electorate in their choice of candidates as their representatives in Washington.

The combined forces such as the U.S. Chamber of Commerce influencing the Supreme Court decision allowing unlimited cash flow in the election campaign together with the political architects determined to distract the electorate through distortion and negative attacks render the democratic elections irrelevant.

Whenever a candidate with no established record or substantive policies to move the nation forward is dependent upon the U.S. Chamber of Commerce and smear campaign, that candidate is unequivocally pledged to the sources behind them and not their constituents.

Their name might be on the ballot but only in theory for the real candidates are the big industries devising the policy and the strategists with the political ideology.

Voter discernment in electing the candidates with proven record and service against those without solutions to any problems could make the desirable change possible.

Congressional Democrats in the House and the Senate have worked extremely hard and are committed to improve the American lives. The selective few Republican members share the credit for their bipartisanship that enabled the recent reforms.

The policies related to ongoing wars contributing to the brave armed forces’ death toll and, the national deficit from the disproportionate defense expenditure with no accountability and transparency have been largely accepted without subjecting the claims to due process.

Public concern and views are disregarded and democracy undermined through propaganda subverting facts to promote the specific agenda.

The abuse of power with little or no respect for the constitutional law and democracy, reckless decisions that led to a bankrupt economy, chaos, death and destruction are minor details as compared to the serious ramifications on the office of Presidency – setting a dangerous precedence for history to repeat itself citing the predecessor’s exemption from law in the land of justice.

Ignoring the warnings on 9/11 attacks and conspicuously neglecting the constitutional duty to protect American lives is a colossal Presidential failure.

Above all, granting immunity to the status is rejecting the constitution set up to safeguard the national interest and the democratic principles that guarantees equal justice.

Accordingly, the nation particularly the United States Congress is obligatory to the 9/11 victims and their families in initiating a thorough investigation in public view with appropriate findings against all those implicated regardless of stature.

Democracy is threatened when the lawmakers become the lawbreakers and decline action against unethical conduct exemplifying discriminatory practice with law being applicable only to the law abiding ordinary citizens but not the powerful absconding the law.

These are truly the trying times for democracy and their representatives in presenting unwavering justice to preserve national security and the rule of law reflecting the fact that no one is above the law.

Massive voter turnout exceeding the 2008 statistics is paramount to overhaul Washington.

Please vote for the democrats so that they can cast their vote in return on legislation addressing the average citizens’ plight.

At the same time, the Republican members have invariably cast ‘Nay’ votes on ‘regular citizens’ issues while some of their colleagues choose abstinence to facilitate special interests victory.

Voting is the basic right denied to a significant population in some parts of the world and the citizens in a democratic society have tremendous chance to reshape the political landscape.

Hence ‘rally America’ to the midterm elections is an important call for all citizens.

Thank you.

Padmini Arhant

Economy, Jobs and Housing Market Assessment

August 30, 2010

By Padmini Arhant

The economy, job and housing market are the most important issues for the American electorate.

An overwhelming population is experiencing tough economic situations one way or another and there is legitimate concern over the rising deficit as well.

President Barack Obama and Congressional Democrats achievements, work-in-progress including the remedial measures are elaborated for better understanding and fair assessment.

Upon assuming office President Barack Obama and the Congressional Democrats passed the economic stimulus bill worth $787 billion to salvage the economy from ‘Great Depression,’ at that time.

This step was vital for the U.S. and the global economy on the precipitous decline following,

The previous administration’s deficit spending on two simultaneous wars in Iraq and Afghanistan,

Facilitating financial market recklessness,

Free market deregulations in finance, health and energy industries,

Widening deficits through financial and auto industry bailouts with no accountability

Allowing Corporations to evade taxes on domestic and overseas earnings with adverse effects on national revenue.

Extending tax cuts for the wealthy – are the few recipes that triggered the economic disaster.

The policies were implemented at U.S. taxpayers and the average Americans colossal expense.

By neglecting the national requirements – prominently the job and housing market deceleration, the infrastructure repair and restoration, education, health, social security, veterans’ health care, small businesses and the American families in general.

President Barack Obama then introduced “The American Recovery and Reinvestment Act” for $787 billion in February 2009.

It comprised –
• $288 billion in tax cuts.
• $224 billion in extended unemployment benefits, education and health care.
• $275 billion for job creation using federal contracts, grants and loans.

The main objective was to invigorate economic and job growth at an estimated 900,000 – 2.3 million jobs.

Further, the stimulus fund was spread over ten years with the first three fiscal years receiving the major allocation.

The Congressional Budget Office (CBO) projected the stimulus funds would boost GDP growth by 1.4% – 3.8% at the end of 2009.

GDP growth for Q4, 2009 – 5.6% when including the businesses low inventory replenishment.

Otherwise the growth reported to be 1.8%.

According to (BEA) Bureau of Economic Analysis, Trading economics – Bloomberg – Thank you.

“The current GDP growth is 2.40%, with Growth rate – 1.60%, Inflation rate – 1.20%, Jobless rate – 9.50%, Interest rate – 0.25%.”

A significant increase when compared with the negative GDP growth -6.80% in December 2008.

The economy has moved from the negative to a positive trend with a present annual growth rate at 1.60%.

Beginning 2010, the economic figures in the first and second quarters are very encouraging and attention worthy.

GDP before adjusting for inflation in Q1 (Jan – Mar) 2010 rose to 4.8% and Q2 (Apr – Jun) 2010 – 3.6%.

GDI – Gross domestic income – the individuals, private and public sector combined income reportedly increased by 2.3% annual rate for Q2, 2010 after gaining 4.1% in the first quarter – Q1, 2010.

Corporate profits after an impressive 10.5%increase in Q1, 2010, rose by 4.6% for Q2, 2010 – still maintaining the gain from Q2, 2009.

Similarly the higher earnings by 39 percent in Q2, 2010 is relatively progressive than the 2009 second quarter.

Consumer spending for Q1, 2010 – 1.9% and Q2, 2010 – 2% exceeding the previously expected 1.6% pace for the second quarter.

Wages and salaries for Q1, 2010 increased by $6.5billion from the fourth quarter i.e. Q4, 2009.

Company inventory in Q2, 2010 was 0.65% against 2.64% for Q1, 2010. However, the business capital expenditure on structures, equipment had surpassed the prior projection of 22 percent to 24.9 percent.

Trade gap seemingly grew to $445 billion for Q2, 2010 in excess of the previous estimate at $425.9 billion confirming the import level at 32.4%.

It’s clear from the data that the economy in 2010 is comparatively a vast improvement to 2008.

The modest annual rate 1.60% is attributed to numerous factors:

Despite 39 percent increase in 2010 second quarter corporate earnings, the companies have contracted inventory spending, payrolls and lowered employee wages contributing to sluggish job growth and household income reduction eventually having an impact on the economic stimuli – the consumer spending.

Consumer spending also affected by the lack luster housing and stock market performance with majority households dependent on investment income.

Notwithstanding the ripple effect on the small businesses relying on retail purchases.

In addition the rising imports at 32.4 % suggest the lagging manufacturing industry require substantial private investments to provide the anticipated jobs.

Perhaps, capital gains tax relief might incentivize corporations to promote jobs in the manufacturing and service sector. The consideration could ease the burden on Congress in extending unemployment benefits to the jobless.

Per Recovery Accountability and Transparency Board that oversees spending under American Recovery and Reinvestment Act of 2009 available at:

http://www.recovery.gov/Pages/home.aspx – Thank you.

Recovery funded jobs reported by recipients – 749,597 as of June 30, 2010.

“Job calculations are based on the number of hours worked in a quarter and funded under the Recovery Act.”

Evidently, the $787 billion has not been entirely invested in the economy to realize the immediate goals – jobs, housing and stock market appreciation to generate consumer spending and ultimately the desirable GDP growth.

Stimulus fund investment verification:

Tax Benefits:
Allocation – $288 billion
Investment – $223B /77%
Remaining Fund – $ 65B / 23%

Education, Jobless Benefits etc.:
Allocation – $224 billion
Investment – $143B / 64%
Remaining Fund – $ 81B / 36%

Contracts, Grants & Loans:
Allocation – $275 billion
Investment – $139B /51%
Remaining Fund – $136B /51%

President Barack Obama, Vice President Joe Biden and the Congressional Democrats have passed the crucial legislations to stimulate the different economic sectors.

Housing Market – Foreclosure moratorium to contain the bleeding and refinancing at affordable payments has saved homeowners from losing their homes. The documentation and eligibility cited as the reasons for the programs’ average success.

Addressing these issues would enormously benefit many homeowners and revive the housing market.

Also, the $8,000 credit to first home buyers enabled the market to rein in on falling home prices nationwide.

Therefore based on the results, extending the moratorium and first homebuyer credits, refinancing options by reviewing the eligibility criteria to include more struggling homeowners could be helpful to the housing sector.

Tax benefits: President Barack Obama and Congressional Democrats have been extremely diligent in this respect.

Tax breaks to 99% represented by average Americans, small businesses, corporations creating or saving employment, payroll taxes, tax exemption to seniors with moderate income $50,000 or less, consumer rebates and credits on home and automobile transactions – proof is in the data for 77% of the allocated stimulus fund has been invested.

The recent $26 billion bill for unemployment benefits extension and the federal aid to cash-strapped states to prevent job losses as well as essential programs termination directly influence consumer spending.

Investments in infrastructure projects such as highways and roads, the electric power grid, dams, bridges, levees, water mains and sewer systems, airport, public transportation system expansion by building new high-speed passenger rail systems were in the job creation proposal.

Although, the target is – 900,000 – 2.3 million jobs, it’s distributed across the economic spectrum ranging from green jobs, infrastructure, manufacturing and service sector to small businesses.

A bulk of it to be absorbed by the private sector contrary to the false propaganda on the alleged government take-over of the free market.

President Barack Obama’s timely intervention in the auto industry attracted criticism from the opposition.

Nonetheless, today the state of Michigan that was worst hit in the economic recession is experiencing job growth in the auto industry due to the Obama administration rescue plan.

Stimulus package has been directed towards saving multitude jobs for the beleaguered local school districts that threatened teachers’ salaries with layoffs and cutbacks,

Federal grants to make education affordable for students – Pell Grants for college education and ‘race to the top’ federal funds for schools across the nation.

Adequate medical coverage for military members and their families and $1 billion for the Veteran’s Administration – which suffered severe cutbacks under President Bush and Vice President Dick Cheney that led to the Walter Reed Army Hospital closure at the peak of Iraq and Afghanistan wars.

In an effort to care for the children and seniors – Food programs for low-income Americans, including $150 million to help refill food banks, $100 million in meals programs for seniors, and $100 million for free school lunch programs – all ignored by the former administration.

Deficit management is possible with the troop withdrawals from Iraq and Afghanistan, constrain defense expenditure, health care costs savings and economic surge producing revenues, besides optimizing GDP growth through exports.

Above all, President Barack Obama and the Democrats legislative successes are phenomenal.

Historic reforms in finance and health care in tandem with bipartisan committee on deficit control deserve recognition.

The economy, jobs and the housing market are the President and the Congressional Democrats’ priority and they continue to explore all options in expediting the economic recovery.

If not for their hard work and determination to improve American lives, the pessimistic view on the economy would have prevailed.

Congratulations! To President Barack Obama, Vice President Joe Biden, the Congressional Democrats and the selective Republican members for the milestones reached thus far and the impending legislations to move our great nation forward.

All the more reason to elect the Democrats for a super majority in the House and the Senate, so that President Barack Obama can complete the tasks in every respect, particularly accelerating the job growth, stabilizing the economy and energizing the housing market.

A great future is certain with President Barack Obama, Vice President Joe Biden and the Democrats majority in Congress.

Please visit the DNC, DSCC, DCCC and DGA websites for your generous contributions to elect the new and incumbent democrats in November 2010.

Thank you.

Padmini Arhant

Lower Manhattan Mosque Controversy

August 19, 2010

By Padmini Arhant

Sometime back, the Lower Manhattan residents had approved the community center construction with a religious mosque in New York City.

Subsequently, the city granted permission for the project in accordance with the civil ordinance. The process would have clearly involved a thorough review of the construction site, the local convenience or the lack thereof and the majority consensus in this issue.

Reportedly, after much deliberation and survey the final decision was made favoring the community center project with the mosque, a worship place for the people of Islamic faith.

The community center with recreational facilities is meant for all within and outside the community including a peaceful gathering by the people to pray at the proposed mosque.

Although, it was a widely known public project with an overwhelming support from the people in the neighborhood and around until now, the mosque site is the contentious issue and currently turned into a sensitive debate.

The opposition to the project is based on the location and the proximity i.e. two blocks from Ground Zero suggesting that it adds “insult to injury.”

First and foremost, the 9/11 terror attack is and will always remain an insurmountable human tragedy with an estimated three thousand lives lost in the horrendous crime against humanity.

It also set precedence for a spate of similar attacks around the world.

The 9/11 victims were from New York City and many different parts of the world.

More appropriately the human lives without any distinction were compromised for the perpetrators’ self-fulfilling purpose deserving worldwide condemnation.

No eloquent consolation can replace the loss of precious lives. The pain and suffering still experienced by the victims’ families is natural and one could pray as well as hope for the healing to begin in helping the grieving families recover from the sadness surrounding their life.

Nonetheless, the extraordinary global reaction to the 9/11 victims was pervasive and people from all walks of life especially the followers of peaceful Islam i.e. the significant majority Muslim population across the globe were deeply disappointed and sincerely expressed their sorrow for the inhumane act against innocent civilians.

The outpouring humanitarian aid in the 9/11 aftermath included the good Samaritans of Islamic religion in an outreach to their fellow human beings and rebuilding the vibrant New York City.

That being the fact, the mosque in Islam is equivalent to the Church, Synagogue and Temples… a shrine where people come together seeking solace and peace for them and others.

Islam is not alienated in the worship by pious minds congregating to redeem themselves and those responsible for any harm to other human beings.

Therefore, the mosque is ideal since several worshippers’ prayers would absolve the attackers’ incarcerated negativities bringing the desirable harmony and serenity to the environment with a violent past.

The humanitarian service anticipated in the community center and the mosque would enhance the opportunity for a new beginning through forgiveness and charitable activities.

Such noble deeds will purify the site, inevitably contributing to the 9/11 souls’ eternal peace and the survivors well-being.

Further, the community center has job potential for the Lower Manhattan unemployed citizens adding to the economic benefit.

Perhaps, the 9/11 families’ solidarity and positive perspective could broaden the prospects for a stronger America undeterred against the destructive and divisive forces.

The opponents misinterpret the Mosque site as provocation and demand the permit withdrawal for the project.

Contrary to the claims, rejecting the mosque in Lower Manhattan is a willful surrender to the 9/11 masterminds determined to polarize the nation and mislead the political faction behind the controversy towards their school of thoughts.

The terror organizations have invariably indoctrinated other religions as irrelevant with a reference to the society as ‘infidels,’ and were never inhibited from exploiting religion for personal ideology.

Unfortunately, the leading proponents against the mosque are echoing the sentiments that are detrimental to the secular democratic society founded on solid constitution granting equal rights to all citizens of this great nation.

The evolving situation on the subject is counterproductive if not a major political distraction.

The U.S. Constitution, Islam religion and most importantly the 9/11 victims’ families i.e. the survivors are being used as political tools to propagate ideas that are not representative of the American democratic values.

President Barack Obama’s thoughtful statements in this context have been distorted for political reasons with midterm elections around the corner.

It’s not uncommon for politics to suffer from selective amnesia.

If the political opposition is truly concerned about the 9/11 survivors and their welfare, it’s time to exemplify them beginning with the passage of the –

“H.R. 847, James Zadroga 9/11 Health and Compensation Act Rejected by House Vote.” Please refer to the AP article below.

Which, the majority Republican Congress rejected to protect the multinational corporations’ interest against the 9/11 workers and their families.

The devastated 9/11 workers were not surprised considering the Republican members’ record on the ‘Nay’ votes against every Democrat’s bill introduced to improve American lives.

President Barack Obama and the Democratic Congress have been consistently denied the majority Republican votes on all issues throughout Obama Presidency.

The mosque project is politicized to deflect public attention from the lack of Republican cooperation on legislations concerning the American electorate.

Republican minority performance predominantly focused on filibuster threats and voting against Democrats’ bills designed to promote average American lives and their future.

So the mosque issue is a convenient political fall back to gain momentum against the Democrat lawmakers dedicated to move the nation forward upon inheriting the bad economy, simultaneous wars with no strategy in Iraq and Afghanistan, tumbling financial sector, bankrupt auto industry…to list a few in the profile.

Ironically, the prominent opposition members / 2012 Republican Presidential hopefuls denigrating President Barack Obama and others on the mosque issue fail to recognize the fact,

The 9/11 would not be discussed today, had the previous administration proactively prevented the attacks upon several ominous warnings and memos on 9/11 attack in American soil that were ignored.

Pictures are worth a thousand words and they often reveal the sensitivity or the conspicuous absence.

President Barack Obama and the Democratic majority achievements thus far are phenomenal.

American people are tired of partisan politics and scapegoat tactics nearing election for they prefer to see result oriented actions.

While the Democrats have it, the Republican minority continues to conceal their poor record by using politics to win elections rather than extending bipartisanship to assist the President in all national issues.

Empathy towards 9/11 survivors are best displayed through legislations like the 9/11 health and compensation act, extending unemployment benefits or the economic stimulus bill creating jobs to enable them in providing for their living dependents.

United States is an egalitarian society and a model democracy with constitutional rights to practice religion in any part of the nation.

The status quo is a political and social infringement on the religious right guaranteed to all citizens in the U.S. constitution.

Islam is the religion of peace. The people of Islamic faith as the American citizens share equal rights and privileges regardless of the political view.

The mosque construction in Lower Manhattan will be symbolic of the United States’ religious tolerance and resolve against the terror networks.

Wishing long lasting peace between 9/11 survivors and their American Islamic neighbors in the culturally diverse, tolerant and exuberant New York City.

Thank you.

Padmini Arhant

Source: Associated Press – July 29, 2010 – Thank you.

“H.R. 847, James Zadroga 9/11 Health and Compensation Act Rejected by House Vote.”

“A bill that would have provided up to $7.4 billion in aid to people sickened by World Trade Center dust fell short in the House on Thursday, raising the possibility that the bulk of compensation for the ill will come from a legal settlement hammered out in the federal courts.

The bill would have provided free health care and compensation payments to 9/11 rescue and recovery workers who fell ill after working in the trade center ruins.

It failed to win the needed two-thirds majority, 255-159. The vote was largely along party lines, with 12 Republicans joining Democrats supporting the measure.

For weeks, a judge and teams of lawyers have been urging 10,000 former ground zero workers to sign on to a court-supervised settlement that would split $713 million among people who developed respiratory problems and other illnesses after inhaling trade center ash.

GOP critics branded the bill as yet another big-government “massive new entitlement program” that would have increased taxes and possibly kill jobs.

To pay the bill’s estimated $7.4 billion cost over 10 years, the legislation would have prevented foreign multinational corporations incorporated in tax haven countries from avoiding tax on income earned in the U.S.

Bill supporters said that would close a tax loophole. Republicans branded it a corporate tax increase.

John Feal, a ground zero demolition worker who has lobbied extensively for the legislation, expressed disgust.

“They pulled the rug out from beneath our feet,” Feal said. “Whatever member of Congress vote against this bill, whether Republican or Democrat, should go to jail for manslaughter.”

The bill would have provided up to $3.2 billion to cover the medical treatment of people sickened by trade center dust and an additional $4.2 billion for a new fund that would have compensated them for their suffering and lost wages.”

Read more

Relief to the Unemployed Citizens through Jobless Benefits

July 20, 2010

By Padmini Arhant

Congratulations! To the millions of Unemployed citizens whose jobless benefits expired in June 2010, now have the means to support them while they are looking for work.

Job search is a stressful experience in a tough economy with millions competing for fewer jobs in the job market.

The extension revival by the Democrats and two Republican Senators Olympia Snowe and Susan Collins is a saving grace for the Americans out of work and the slow economic recovery.

An estimated five million people is expected to be relieved through this measure for they will receive allowances up to 99 weeks averaging $309 a week.

The long fought legislation survived the filibuster threat despite the majority in the opposition along with a lone Democrat, Ben Nelson from Nebraska voting for it.

It appears that the newly sworn in West Virginia Democrat Senator Carte Goodwin’s vote was crucial to move forward for the final Senate approval.

The contentious issue was the $34 billion benefit extension cost being added to the $13 trillion national debt instead of being provided for with cuts in the $3.7 trillion federal budget.

Although, the national debt is a legitimate concern with a valid proposal for funding the legislation, the Republican Senators could have identified the reallocation from the $3.7 trillion federal budget if they were seriously committed in helping their unemployed constituents and the people across the nation.

However, it’s never too late to review the federal budget to eliminate wasteful spending and prioritize economic activities such as this legislation over less important or extravagant budget expenditures.

As stated earlier, job creation and sustenance is an immediate requirement and the unemployment benefit is a catalyst to stimulate consumer spending that would promote the retail industry and the small business sector, the two most significant bases contributing to the ripple effect on the manufacturing, wholesale and the service industry in the economic recession.

Expediting job growth in the retail industry and small businesses is vital for long-term economic progress.

The argument about the out-of-control spending is more appropriate in the alarming defense budget with no auditing or accountability factor. Moreover, the extraordinary investment has not delivered the desirable results thus far.

Ironically, the ‘deficit’ is not an issue in the bipartisan legislation to increase defense funding for the wars in Afghanistan, Iraq, Pakistan and Yemen including the U.S. military bases around the world.

Whereas in the economic aspect the mere existence has been challenging for many and with the opposition blocking funding to the struggling states, the current federal aid is a lifesaver besides being an economic stimulus.

Even if the economic prospect is downsized, any improvement in people’s daily life enables them to endure hardships without losing hope.

According to the latest reports, the unemployment rate in many states is on the decline.

Any attempts to jumpstart the economy would restore consumer as well as investor confidence.

Jobs, housing market and economy have a major impact on the electorate anytime more so in the election year.

Thank you.

Padmini Arhant

Financial Regulatory Reform – HR 4173

July 15, 2010

By Padmini Arhant

Congratulations! To President Barack Obama, Senator Chris Dodd, Rep. Barney Frank and other Congress members from both sides of the aisle for their contribution to the historic victory on the Financial regulations bill.

The United States Senate approved the long overdue financial regulatory reform that was challenged by Wall Street and their representatives since conception.

Not long ago, the global economy faced the possibility of the ‘Great Depression,’ emerging from the deregulated financial markets with extraordinary privileges in the public fund mismanagement and speculative trading showing no regard for the dire consequences, now a harsh reality experienced by the billions around the world.

Wall Street exercising the ‘free market’ power to engage in calculated high-risk ventures especially through derivatives and hedge fund activities led to a near free fall in the absence of any oversight on the reckless involvement.

The U.S. economy would have succumbed to the economic crisis if not for the American Investment Recovery Act passed by the Democrats and isolated republican members in Congress.

President Barack Obama and the lawmakers behind this legislation deserve credit in this regard.

Unfortunately, their actions have not been truly acknowledged for the substantial measures implemented through this stimulus bill aimed at helping citizens across the political spectrum.

The positive results benefiting American life from the economic stimulus subverted for political reasons in the election year.

In a democracy, the most grueling aspect is the legislative process.

It’s even harder with the special interests controlling the legislative course on every issue, further exacerbated by the majority in the opposition pledged to defeat the legislation against national interest.

With respect to HR 4173 – it’s a monumental task to gain unanimous consensus on a broad legislation targeting the most powerful sector in the economy.

As expressed by the Chairman, U.S. Senate Committee on Banking, Housing and Urban Affairs, Chris Dodd, the dissatisfaction from the different political factions are legitimate and reaching an agreement on common grounds is the preliminary step towards consumer protection along with many other important regulations in this bill.

Arguably, it is not perfect as every Senator holds some reservations and distinct views about their support or the lack thereof in the crucial legislation.

The main components of the bill are elaborated in the – http://banking.senate.gov/public/_files/FinancialReformSummary231510FINAL.pdf

Pros and Cons: The Treasury secretary historically and more relevantly have close ties with Wall Street – going back to several administrations.

Hence, the conflict of interest is a major concern with the Treasury secretary as the head of the 10 member regulatory council – evidenced in the failure to monitor the financial market between 2000 and 2008 that caused the economic meltdown.

Otherwise, the 10-member council of regulators representing the oversight committee is an effective strategy.

Given the facts on the subprime lending and credit card abuses, the consumer protection agency is the hallmark of this legislation.

The contentious derivatives and hedge fund management is subject to rigorous standards underscoring the transparency and accountability factor in this bill.

Opposition claim on the omission of the controversial Fannie Mae and Freddie Mac from the financial regulation could be clarified to dispel misconceptions about any exemptions to the lender.

The compromise on the $19 billion bank tax to earn the Republican Senator Scott Brown vote whereas not pursuing the Democrat Senator Russ Feingold seeking tougher regulations is an irony in the democrats led legislation.

Nevertheless, the three Republican Senators cooperation is praiseworthy.

Overall, the framework of this legislation encompasses the requirements to avert the financial crisis and the economic downturns barring no Wall Street intrusion in the regulatory mission.

Thank you.

Padmini Arhant

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