It appears Obama is going to try to push financial regulatory reform again, although unfortunately the administration's plan wants to make the Federal Reserve a super regulator with expanded powers.
What is more interesting to note is how the U.S. Chamber of Commerce is attacking the Consumer Financial Protection Agency. Oh yes, lord forbid if there was regulation against ripping off the general public with credit cards, mortgages, banking fees and loans. (Note the Washington post got the agency title wrong as well as miscategorizes the Say on Pay Bill).
Rep. Barney Frank (D-Mass.), the powerful chairman of the House Financial Services Committee who supports many of the administration's regulatory reform proposals, already has helped pass legislation that would rein in certain executive compensation practices. He has vowed to push through a bill creating the new consumer agency as early as this month, followed by other elements of the president's plan.
Business lobbyists have been working to bend the legislation their way -- for example, fighting the proposed Consumer Financial Products Agency, warning that another layer of government regulation would increase costs, stifle innovation and curtail choices for consumers. Few have been more vocal than the U.S. Chamber of Commerce, which recently set up a Web site, http://www.stopthecfpa.com, and has undertaken an advertising campaign to oppose the agency.
Here is COP chair Elizabeth Warren on Dylan Ratigan's show, asking the obvious question of how come financial institutions were given such a free ride whereas all other industries were not bailed out or had harsh terms (and only helped when it was pounded on them that the economic implications were a true Armageddon, if the U.S. auto industry collapsed).