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The Noah's Ark strategy for financial regulation

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The effort to re-regulate the financial sector is continuing in the Senate (the House, remember, already passed its bill), where Chris Dodd, chairman of the Banking Committee, and Richard Shelby, the ranking Republican on the Banking Committee, have resolved some key differences and expect to settle on a compromise plan by the end of the Senate's winter break.

Dodd and Shelby are focusing on protecting consumers and rebuilding the regulatory structure for banks, but they've got three other pairs of bipartisan senators taking on other elements of the bill: Mark Warner and Bob Corker are figuring out what to do when companies that are too big to fail decide to fail anyway, Chuck Schumer and Mike Crapo are working on executive compensation, and Jack Reed and Judd Gregg are deciding how to regulate derivatives. More details here.

Photo credit: AP Photo/Harry Hamburg.

By Ezra Klein  |  December 28, 2009; 11:14 AM ET
Categories:  Financial Regulation  
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Comments

This is interesting -- I've read nowhere else that republicans are actually working WITH democrats on anything. Do you suppose republicans don't want the base to know?

"Sens. Charles E. Schumer (D-N.Y.) and Michael D. Crapo (R-Idaho) are negotiating the government's role in setting limits on executive compensation and corporate governance."

I wouldn't be surprised if this, especially --republicans working on limits for executive compensation -- was something they wanted to keep quiet.

Posted by: drindl | December 28, 2009 11:30 AM | Report abuse

drindl,

It'll probably just end up like healthcare -- Republicans work to help write the legislation and then, once written, retreat into their corner to cry "Socialism!" while Democrats work to pass the bills the Republicans wanted.

Serious thinkers in the media like David Brooks, David Broder and Chris Matthews therefore assume, given the absence of Republican support for the final legislation, that the bill must actually be far-left liberalism run amok, and that any true solution lies somewhere to the right of that.

Posted by: cog145 | December 28, 2009 12:08 PM | Report abuse

Seems like finance/banking reform would be an issue the Repubs would WANT their constituents to know they are working on ... since the Big Crisis and subsequent bailouts were equally devastating across party-lines ... at least for the "have-nots" within each party.

The "haves" in each party, we can rest assured, have already lobbied (bought, pressured) their representatives and will continue to do so until they achieve their goals (minimal, ineffective controls).

Posted by: onewing1 | December 28, 2009 2:13 PM | Report abuse

So in other words, nothing much is going to be done about the structure of the banking system.

Bring back Glass-Steagal! Bust the Trusts!

Posted by: leoklein | December 28, 2009 2:27 PM | Report abuse

I was hoping that "Noah's Ark strategy" meant that every provision in the bill was written twice, so that Nelson & Lieberman could gut half of the bill without causing any real damage.

Posted by: tomveiltomveil | December 28, 2009 2:59 PM | Report abuse

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