Financial Reform

The house financial services committee tides lose ends on what could be essential reform legislation or depending on what they do. I think the committee should discuss the regulation of largely tolerant and dangerously difficult multi trillion-dollar to unoriginal markets. They should also discuss the creation of a new Consumer Financial Protection Agency to oversee the consumer credit offerings of banks and other financial firms that includes mortgages, credit cards, overdraft protection and payday loans.

I fear that it is in danger of being irreversible weakened. Derivatives supposed to help investors and business maintain risk, but it doesn’t. Their unchecked and unregulated use directly and indirectly. It leads to financial crash and following trillions of dollars in taxpayer involvement.

Congress should require that all banks, hedge funds and corporations can conduct their trades on exchanges where they would consider doing regulations and public inspection. The proposed legislation has too many loopholes and exemptions. Many corporations would be able to trade privately. That may protect bank profit; there is no chance for association shopping. It might put the taxpayer at risk. I think some lawmakers would want or make intent on weakening the proposed power to examine the books of the banks and firms.

I think they will try their best to regulate it. Banks regulators have the power, but they did not use it for protecting the best interest of their consumers. There is a routine inspection on the books to see if the company is doing their job. Lawmakers vowed to protects the American public from the banks and financial industries.