Read the GOP's counter-proposal on financial reform

Annie Lowrey of the Washington Independent has a superlative rundown on the GOP's proposed substitute to the Democrats' financial reform bill; here, and below the fold, is the summary of the substitute. She describes a key difference, which aligns with a frequent Republican pledge:

[T]he Republicans take on the government-sponsored entities Fannie Mae and Freddie Mac — bailed out during the collapse of the housing bubble. Democratic staffers say that figuring out how to handle the GSEs and re-regulating the trillion-dollar market in government-backed mortgage finance requires its own bill. They have just started researching what they want to accomplish and how best to achieve it. Republicans, in fewer than 400 words, take the massive market on. They create a special regulator and indicate that no further taxpayer money should be at risk.

And here's the whole thing.

GOP financial reform substitute