by The Media Consortium, Tue Jul 20, 2010 at 03:05:09 PM EDT
Bumped from the diaries with timestamp updated and fold added.
This piece makes good arguments for putting Warren in charge of the CFPB, against Tim Geithner's wishes. I would encourage you to sign this petition from Bold Progressives after signing. Usually petitions don't amount to much (a handful of signatures on a well-known or popular issue? Please), but in this case, they've already got 160k names for an obscure topic. Now that's democracy in action. - Nathan
by Zach Carter, Media Consortium blogger
With the Wall Street reform bill finally cleared through Congress, activists and intellectuals are pushing hard to make sure that this bill isn’t the last word Congress utters about Big Finance. We need deeper and more robust reforms, but it’s also critical to ensure that the new bill is implemented as effectively as possible. Part of that means appointing officials with a proven record as robust reformers—people like Elizabeth Warren.
Too-big-to-fail lives on
What more do we need to keep Big Finance from ravaging the middle class? As Stacy Mitchell notes for Yes! Magazine, the bill Congress just signed off on doesn’t really address the core problems posed by our out-of-control banking system. Too-big-to-fail is alive and well, and lawmakers must push to break up the megabanks during the next legislative cycle or risk another economic calamity. Mitchell writes:
“Since the collapse, giant banks have only grown bigger and more powerful, and less responsive to the needs of the real economy. While the financial reform bill includes several worthwhile measures, it will not set the industry right or entail a fundamental alteration of its scale and structure.”
There are still some great reforms in the current round of legislation, among them the creation of a strong new Consumer Financial Protection Bureau (CFPB) to write and enforce rules on mortgages, credit cards, overdraft fees and more. The first person to head this new regulatory body will be tremendously important to its future. They will set the tone for the bureau’s operations and establish a culture that will define it for years to come.