Why we need to pass the Wall Street reform bill

Open Left:

In the extended entry, you will find a very lengthy description of what victories were won in the Wall Street reform bill, what compromises were made, and what defeats were suffered.  It is, on balance, an argument for why we should pass the Wall Street reform bill, and a roadmap of where the fight continues. Senator Russ Feingold is a personal hero of mine.  Today, he posted an editorial explaining why he is opposing this bill.  I am not going to pick a fight with Senator Feingold over what he could have done, or should have done on the bill.  While this is a rebuttal of sorts, mainly it is to let people know that there is a lot of good in this bill, and it is possible to present that information in an honest, self-aware manner that acknowledges where it falls short. There are a lot of victories in this bill.  We need to pass those victories into law.  If the bill is defeated by pro-Wall Street forces over the next two weeks, the only parts which will be defeated are the victories, while all of its shortcomings will remain in place.  If it is defeated, the 1999 financial deregulation package will remain the basic framework under which our financial system operates, and we all know how that worked out.  If it is defeated, no one will ever really take on the banks again, as their victory would demonstrate their invincibility. The text in the extended entry was prepared by numerous people associated with Americans for Financial Reform.  It is a work in progress, but I hope you find it to be a useful touchstone. Pass the bill.

Chris Bowers :: Why we need to pass the Wall Street reform bill

Posted via email from Jim Nichols