Thursday, March 11, 2010

Senator Calls For Aggressive Financial Reform, Deplores Current 'Incremental' Steps

Shahien Nasiripour, Huffington Post

March 11, 2010

A senator is calling for the break-up of megabanks and a firmer separation between Main Street banking and Wall Street trading, joining the ranks of leading economists and business titans demanding aggressive financial reform far beyond what the Obama administration and Democrats in Congress are pushing.

In a Thursday morning speech on the Senate floor, Sen. Ted Kaufman (D-Del.) blasted the "incrementalism" approach to fixing the nation's broken financial system, laid bare by a financial crisis that wiped out trillions of dollars in wealth and sent the economy into a tailspin not seen since the Great Depression.

Rather than nibbling around the edges, Kaufman wants to impose strict limits on financial firms' activities; significantly cut them down in size; and wants Congress to act more forcefully because federal banking and securities regulators failed to protect the public from an increasingly dangerous financial industry.

For full article click on title above or go here;

No comments:

Post a Comment