Nothing pushes along an issue in Washington quite like bad press. On the one year anniversary of the fall of Lehman the talk has been all about how little has changed despite the big talk. Wall Street hasn't missed a beat and despite investors struggling to get back to break even, Wall Street is paying itself royally again. They're also taking the same risks again with the full understanding that no matter what, Washington will back them up and cover their failures. Last night there were comments from the House about the issue drifting and people being angry and this morning, it's suddenly back in play. Barney Frank insists that the issue will start moving again. Great. Let's see it. Let's also keep Wall Street's hands off of this for once. They're the ones who bungled the economy so let them face the consequences.
Barney Frank, chairman of the House Financial Services Committee, hopes to move a single, consolidated bill on financial regulation reform to the House floor for a vote in early November, a Democratic committee aide said.I want to believe that the Democrats will do the right thing but after watching them drop the ball repeatedly this year on health care and Wall Street reform, I remain cautious. If they want to side with Wall Street (again) then good luck in 2010.
Frank plans to handle the financial reform agenda in coming weeks in closely spaced committee hearings and drafting sessions involving a half-dozen or so separate pieces of legislation, the aide said.
The first sessions will involve Obama administration proposals to form a Consumer Financial Protection Agency and to regulate over-the-counter derivatives. Then the committee wants to consolidate those into one bill to be brought to the floor for a vote, the aide said.
