At the very last minute, after twice voting to filibuster the bill that took months of bipartisan effort to write, the Republicans are circulating a draft of an alternative Financial Reform plan.
The WSJ Real Time Economics blog. Click through for details. One thing I see is that instead of an agency to protect consumers from financial scams they would set up a "Council for Consumer Financial Protection" that only covers the biggest financial companies. It also pre-empts state laws, so states that protect consumers won't be able to do that anymore.
Matt Yglesias at Think Progress writes, "It also does . . . something . . . on Fannie Mae and Freddie Mac but it's impossible to tell what."
Brad DeLong writes, "Republicans Propose to Replace the Flawed DoddFinReg Bill with... the DoddFinReg Bill! I say move the Republican alternative to the Senate floor tomorrow!"
What do you write?
Update - I should have titled this, Nikkei Index tumbles 303 pts on Republican Alternative Reform Plan.