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Bipartisan FinReg talks bog down

Looks like the talks aimed at securing bipartisan support for a financial reform bill have deadlocked, and Democrats are readying to move forward on their own. “A bipartisan bill would be preferable," Chuck Schumer said, "but not at the expense of it being so weak that it doesn’t solve the problems that precipitated the financial crisis.” That seems like the right attitude.

By Ezra Klein  |  February 8, 2010; 8:45 AM ET
 
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Comments

I sincerely hope everyone on this board will (have already) emailed their reps in Congress urging them to support a Consumer Financial Protection Agency (CFPA).

IMO, this is a non-partisan issue. We (the little people) have been/continue to be royally screwed in the financial meltdown and in the years leading up to it. Financiers have not stopped any of the risky behaviors that got us into this mess. Investigations into the causes of this nightmare have clearly shown that NO ONE was watching out for consumers. Had we already had a CFPA (with teeth) in place, some of this crisis could have been mitigated.

The finance industry opposes (of course) any regulations ... their lobbyists have been working overtime to kill all finregs, and particularly the CFPA. The Repubs (and Conservadems) are in their pockets ...

Please don't let them continue to screw us. We need a toothy watchdog on our side.

See baselinescenario.com, rortybomb, and many other "economics" sites listed in Ezra's blog roll links for more info.

Posted by: onewing1 | February 8, 2010 3:13 PM | Report abuse

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