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Tuesday, April 20, 2010

Democrats criticize Senate financial reform bill

Former financial regulators and Democratic insiders have written a letter to Senate leaders Harry Reid and Mitch McConnell criticizing the bank reform bill being advanced in the Senate.  They say:

Neither the bill passed earlier this year by the House, nor the one currently under consideration in the Senate would have prevented the crisis. Without serious restructuring, they will not prevent a future crisis.

The letter lists eight specific provisions such a bill must contain to prevent the  kind of financial failure that led to the current recession.  The full text of the letter may be read in PDF format on the Huffington Post.    

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Aberdeen, South Dakota, United States