In late July, Sen. Jeff Sessions began promoting legislation that would aid some of the nation's biggest banks -- among them, two institutions in which he and his wife hold shares.
Working closely with allies in the industry, the Alabama Republican championed an amendment that would allow banks to avoid paying what an industry executive says could amount to billions of dollars a year in royalties. The royalties, on a technology that converts paper checks into electronic images, are being claimed by DataTreasury Corp. of Plano, Texas, which holds a handful of patents related to the process.
Skipping to the chase, here are the closing paragraphs of the WSJ article:
A former Alabama attorney general, Mr. Sessions is a longtime proponent of imposing limits on civil liability claims, supporting legislation that would shield doctors and handgun manufacturers, among other things. "I believe in America's litigation system, but we have a lot of abuses," Mr. Sessions says.
Mr. Sessions says his office worked closely with the financial-services industry on the amendment, citing discussions with the Financial Services Roundtable, a trade group representing an array of financial-services firms. Mr. Sessions says his office also had discussions with an Alabama-based bank, which he declined to name, except to say it wasn't Compass Bancshares.
I will be watching this closely and I recommend that you also follow the comment threads at Left in Alabama.
Jeff Sessions is up for re-election in 2008 and, sadly, has some extremely pitiful opposition in the race by Vivian Davis Figures. The figures campaign has a web site which offers registration for an e-mail newsletter. I registered at least one month ago and I have yet to get any information from the Figures campaign leading me to the conclusion that she has absolutely no intention of making this anything more than a token campaign for Session's senate seat!
I am unable to express my disappoint adequately! At one time in the recent past I felt that Sessions was vulnerable, but am losing hope.
1 comment:
I know party officials who are trying to get information from Figures' campaign, with no success. It is extremely disheartening.
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