No issue is more critical to ensuring our nation’s long-term economic health than addressing America’s dysfunctional financial regulatory system. Unfortunately, like so much legislation lately, the Obama administration’s economic reform agenda has fallen victim to prolonged partisan gridlock in the Senate.
As a compromise, Senate banking committee chairman Chris Dodd suggested burying the agency within the existing framework of the Federal Reserve.
However, even this major concession isn’t enough to satisfy Senator Richard Shelby. The senior senator from Alabama’s stubborn refusal to adopt common sense consumer protections provides further evidence of the Republican Party’s prime directive: protecting the interests of large banks, corporations and the rich at the everyday American’s expense.
Passing a financial regulatory reform bill that includes both the Volcker Rule and an independent Consumer Financial Protection Agency is essential to preserving our nation’s economic stability.
The statements of a former Federal Reserve chairmen, Five former Treasury secretaries, a Wall Street CEO, at least one US senator and a Nobel Prize winning economist all attest to this. Richard Shelby and his fellow Republicans owe the American people an explanation as to why they obtusely refuse to accept these crucial reforms.
Read more on my blog.