Republican Alternative Financial Reform Plan

by: DaveJ

Tue Apr 27, 2010 at 21:05


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.

DaveJ :: Republican Alternative Financial Reform Plan

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I could begin to collect your alternate titles (0.00 / 0)
but what I want is and alternate world where they appear in the media cartel too.

--

The government has a defect: it's potentially democratic. Corporations have no defect: they're pure tyrannies. -Chomsky


DeLong's comment (0.00 / 0)
illustrates the insanity of this whole debate. He's prepared to vote on the Republican alternative with only vaguest idea what's in it. And he's an economist! To me this is just one more sign that this legislation is simply for show.

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