In a report published today, ProPublica takes a look what’s delayed implementation of the Dodd-Frank financial reform bill.
You won’t be surprised to learn that politics and bureaucracy have gotten in the way.
Coincidentally, Sen. Bob Corker, R-Tennessee, is in Knoxville today to talk about the nation’s financial challenges.
Here’s an excerpt from the ProPublica report:
Former Securities and Exchange Commission Chairman Arthur Levitt offers scathing comments on the financial reform bill in an interview with ProPublica.
Levitt says it’s “ridiculous” to call the new bill the biggest financial reform since the Great Depression. The biggest omission from the bill is “shareholder access to the proxy,” he says.
Read the full interview here.
Now that the Senate has passed a financial overhaul bill, House and Senate negotiators must get together to merge their versions of the bill. Negotiations could be tough, but lawmakers undoubtedly will get a lot of help from lobbyists.
Businesses already have hired five financial lobbyists for every member of congress and spent at least $1.3 billion to influence lawmakers on financial reform, according to The Center for Public Integrity, an investigative journalism organization.
With that many lobbyists yammering away on just one issue, it’s a wonder congress gets anything done.
Read the Center for Public Integrity report here.
It looks like the Republicans finally grew tired of being on the wrong side of public opinion. Some sort of financial regulation reform is likely now that the GOP has given up on a filibuster.
The next question is will the Democrats produce a bill that actually works.
Here’s more perspective.
Fox Business News: US Senate clears hurdle on financial-overhaul bill
CNN: GOP ends filibuster blocking financial reform debate
The New York Times: Republicans Allow Debate on Financial Overhaul