Everything is politics
March 31, 2010 | federal legislation, industry | Comments (0)At least with some people. This Left-wing blog covers financial reform this way:
One regulatory reform expert, Doug Elliott of the Brookings Institution, points to two major potential flashpoints: consumer financial protection, and measures designed to give the federal government power to unwind failed financial institutions.
“The Consumer Financial Protection Agency is the biggest political issue,” Elliott told me yesterday. “The [House] view is alligned with the administration’s proposal for a strong independent agency. The [Senate] bill is not that far off it. It would be inside the Fed but it would be independent in every other respect.”
There’s just one wrinkle. While the House already passed its bill, the Senate has yet to act–and Republicans have laid down a strong line against creating a new independent agency.
“There will be no Republican support for the Senate bill without further watering down of the CFPA,” Elliott said.
One of the reasons we post so many “inside baseball” stories on the CFPA is that the media only writes about this stuff, not the substance. How many stories are there about access to credit? How about stories on how much it will costs businesses to comply with new regulations? That would require actual thinking, which the media is loath to do.
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