baby Steps In The Dead of Night --- "Dodd-Frank" compromises on Fin-Reg

Baby Steps In The Dead of Night

by digby


For those of you who were unable to procure enough caffeine or diet pills to stay up all night watching the riveting coverage on C-SPAN, Dday put together a nice rundown of the the whimper-not-a-bang of the Fin-reg compromises:

Lawmakers worked into the night and came up with an oddly unsatisfying compromise on the two most contentious issues left in financial reform, with the final package voted upon at 5:30 this morning (ET). But hey, that was on C-SPAN, so eight people did probably get to see it. Transparency!

This bill has officially been renamed Dodd-Frank. So let’s see what they’ve done


Click over for details. The upshot is a hodgepodge of compromises watering down the integrity of the reforms. Probably better than absolutely nothing but inadequate to the task at hand. In other words, typical Washington "reform".