JEFF CONNAUGHTON: Financial Reform Is Being Dismantled. Why Doesn't President Obama Seem to Care?

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JEFF CONNAUGHTON: Financial Reform Is Being Dismantled. Why Doesn’t President Obama Seem to Care?

JEFF CONNAUGHTON: Financial Reform Is Being Dismantled. Why Doesn’t President Obama Seem to Care?

New Republic-

President Obama wants to consign the financial crisis to the past and delegate the implementation of financial reform to others in his administration. But he needs to get personally involved. Why? Because Senator Carl Levin’s recent hearing on the JP Morgan Whale showed that nothing has changed at the largest banks or the bank regulatory agencies since the run up to the financial crisis. In the early months of 2012—two years after passage of the Dodd-Frank Act—JP Morgan acted deceptively, regulators remained clueless, and investors were the last to know about the true magnitude of the bank’s $6.2 billion in losses. Nevertheless, Republicans and some Democrats in Congress are today working to repeal reforms.

Yesterday, House Democrats joined with House Republicans on the Agriculture Committee to support several bills that would “fix” several Dodd-Frank provisions to regulate derivatives, effectively gutting measures designed to rein in bank abuses. Proponents of deregulation—both Democrats and Republicans—were hoping that these bills would move silently through the committee and then the Financial Services Committee, and then quietly onto the floor of the House for passage. Many Democrats, like Gwen Moore, Ann Kuster, and David Scott, support or even cosponsored these bills. And several others, most notably former Goldman Sachs executive Jim Himes, who currently serves as the Finance Chairman for the Democratic Congressional Campaign Committee, will help lead the effort when the bills come to the House Financial Services Committee.

[NEW REPUBLIC]

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One Response to “JEFF CONNAUGHTON: Financial Reform Is Being Dismantled. Why Doesn’t President Obama Seem to Care?”

  1. Sarah says:

    It pays to be as cynical as possible when discussing the effectiveness of the administration in implementing the designs of the FIRE sector. It’s a bipartisan love fest. The stooges claim that the “job creators” guaranteed, unrestrained, out of sight ability to get ‘er done. It’ll be like old times, the American people have their backs should the train derail.

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