The financial reform bill may pass the Senate today. It will be a very good thing if it does. According to former Republican Treasury Secretary Hank Paulson, the Dodd-Frank bill, had it been in place in 2005, might well have averted much of the economic meltdown.
And if Elizabeth Warren’s Consumer Financial Protection Agency had been in place, the crazy “liar’s loans” and other insane mortgage lending that did so much to inflate the housing bubble and weaken the system would have been prevented as well. The Dodd-Frank package is, she says, “the strongest set of Wall Street reforms in three generations.”
So this will be a good day, for consumers and investors and America, if – despite the almost unanimous Republican opposition we have come to expect on anything – it passes.
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