Politico is reporting that the Democrat-Republican duo of Senator Chris Dodd and Sen Richard Shelby have been working diligently behind the scenes in an effort to produce a workable “bipartisan” financial reform bill. The bills talking points are listed below.
• “We seek to end ‘Too Big to Fail.’”
• “We need to protect American taxpayers from future bailouts by enhancing our resolution regime.”
• “We agree that consumer protections need to be strengthened.”
• “We believe that our regulatory structure needs to be modernized and streamlined while preserving the dual-banking system.”
• “We agree that the Federal Reserve should be more focused on its core responsibility — conducting monetary policy.”
• “And finally, we need to modernize regulation and oversight of the derivatives market.”
Dodd’s first attempt was focused on the development of a single agency which was backed by the Obama administration which would have had oversight over the new agency. Republican deference of further consolidation of power under the presidents control was attacked quickly and efficiently by key Republican members, so much so that Dodd requested top members break into two member bi-partisan teams in an effort to find consensus.
Both Dodd and Shelby went on to state, “These talks have been extremely productive.” Many had feared that with Dodd and Frank involved the process would mirror the dissension of the health care debate, so far cooperation and bi-partisanship have been the rule.
Not unlike health care, many industry insiders and economists are of the opinion that the banking system has sufficient “watch dog” agencies, and the problems of the current crisis was due to political interference, and K street lobbyist. Several attempts as early as 2004 were proffered to the Senate Banking Committee addressing most if not all of the problems that caused the bursting of the housing bubble, which were blocked by both Dodd and Frank who were deep in the pockets of the banking industry, and their K street schwag merchants.
Regardless if the new financial reform is just window dressing to distract attention from the real cause of the housing crisis, it is refreshing to see that both parties appear to working in concert to ostensibly improve oversight. The final bill will be the answer to the new found bi-partisan love fest, but given the blood letting over health care the bills effectiveness is highly doubtful.
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