Isn't that what it is all about anyway?
Perhaps surprisingly, enormous opposition to an independent agency exists--hence, the push to keep it in the Fed. (FYI: The Federal Reserve is a quasi-public-private agency, run as much by the government as it is by private banking.)
Judd Gregg (R-NH) summed up the alleged fears of Senate opposition to financial reform when he claimed regulating markets would "undermine" the system and warned, "It will inevitably contract credit." Was the Senator asleep for the past two years? How could he not notice that lawlessness in the markets created a severe "credit crisis" that has few signs of abating? Some of us take more time to learn than others.
For the rest of us, it's time to wake America up and pay close attention to what our lawmakers are doing on our behalf. Post crisis, we no longer have the luxury of looking the other way. All eyes should be on Congress this month as they hammer out the nitty gritty details of our future banking system.
Anyway you look at it, after nearly thirty years of dangerously deregulating banks, real financial reform of any kind would truly be a miracle.
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