Influential Senators Punch Loopholes into Finance Bill
“Goldman Sachs, Morgan Stanley and other big Wall Street firms have been able for years to set up commercial banking businesses while avoiding the strict regulation this activity typically entails. The law that made this practice possible has been preserved — despite opposition from the Obama administration — in the bill sponsored by Sen. Christopher J. Dodd (D-Conn.) remaking financial regulations and closing loopholes in oversight. Critics say it survived because the law has helped create jobs in a few states — those with influential senators….” (Washington Post, Wednesday)
What will it take to knock the halo off law-making?
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