I don't know what Dodd continues to vainly chase Senate GOP votes by watering down his consumer protection bill again and again.
To me, if a bill creates a new Consumer Financial Protection Bureau, even if it's housed inside the Fed, it needs to provide funding for that agency, right? Well, isn't that the angle to use Senate reconciliation procedures?
And, if not, is The One ready to go crusading for this bill after health care? Make Republicans defend not wanting to protect consumers?
That said, even a bill that has a Consumer Financial Protection Bureau, if it's inside the Fed, is too weak. The Fed's charge is, above all, monetary policy. To the degree it's a regulatory agency, it's supposed to focus on larger banks and related financial institutions. It's not designed to focus on mortgage brokers who peddled many of the subprime loans in the first place.
Anyway, read the whole analysis piece; it looks at several main areas, including derivatives, consumer abuses, executive compensation, legal authority and the "too big to fail" issue.
On most of these issues, not just what I mentioned above, it's too weak.
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