As the fight over financial reform gets serious in Congress, the atmosphere is thick with intriguing political theater, posturing, and competing proposals of mind-numbing complexity.
But the stakes for consumers and taxpayers have never been higher.
As the fight over financial reform gets serious in Congress, the atmosphere is thick with intriguing political theater, posturing, and competing proposals of mind-numbing complexity.
But the stakes for consumers and taxpayers have never been higher.
The administration that promised change we can believe in and the highest level of transparency in history now delivers “too big to fail” banks - bigger, more complicated and secret than ever.
First, the Obama administration and the Democratic majority in Congress continued policies that assured a number of large financial institutions that taxpayers had bailed out after the financial collapse got even larger and more powerful.
Now the administration and congressional leadership have proposed a scheme that leaves the big banks in place, with a regulatory scheme that provides more questions than answers, with secrecy that treats the banking system like a CIA covert operation.
Though President Obama and the Democrats promise a fierce financial watchdog, what they’re delivering looks like a pretty tame pussycat.
There’s a disconnect between the Democrats’ tough rhetoric about the need for financial reform and the legislation that’s actually making its way through Congress.