A Dodd-Frank Retreat Deserves a Veto - "Too many Americans are still suffering..." (Geithner Op-Ed)

[jefferson_dem]

A Dodd-Frank Retreat Deserves a Veto

Only six congressional Republicans crossed the aisle to support reform one year ago. The GOP is still working to thwart change..Article Comments (80) more in

By TIMOTHY GEITHNER

Two and a half years ago, with our country on the edge of a second Great Depression, we met with the president in the White House to discuss whether to move in those first months of his administration to legislate fundamental reform of the financial system—or wait until we had put the crisis behind us.

The president made two key decisions. First, he chose to move forward, knowing that the forces of opposition to reform would grow stronger as the memory of the crisis receded. And second, he asked us to write draft legislation rather than propose broad principles. The president did not want the new rules to end up being written by those who brought us to the edge of catastrophic financial failure.

In June 2009, the administration submitted to Congress a proposal that would fundamentally reshape the financial system. It was designed to lay a stronger foundation for innovation, economic growth and job creation with robust protections for consumers and investors and tough constraints on risk-taking. We drew on ideas and insights from reform-oriented thinkers across the political spectrum.

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We will not let that happen. Too many Americans are still suffering from the pain of the financial crisis. We owe them a financial system with better protections against abuse and catastrophic risk. As secretary of the Treasury, I will recommend that the president veto any legislation passed by Congress that would undermine these vital financial protections.

Mr. Geithner is the U.S. secretary of the Treasury

http://online.wsj.com/article/SB10001424052702303661904576454220154404398.html?mod=WSJ_Opinion_LEADTop

[ClarkUSA]

1. This op-ed should put the lie to all the ridiculous claims he's a friend of Wall Street oligarchs.

Of course, it won't stop lying liars who are suffering from cognitive dissonance from continuing to push that falsehood, even as they cannot bring themselves to admit that he is a big reason why we did not fall into a Great Depression after September 2008's stock market crash.

[jefferson_dem]

2. And published in the "lion's den"... the WSJ.

The "Obamer is just like Booosh" crowd is looking sillier and sillier by the day.

[ClarkUSA]

3. In your face tactics... the Obama administration is strongly marking their stand.

I'm sure Republicans will be careful about responding (calling Frank Luntz!) given they are already seen as the Grand Oligarchic Party already by most Americans, as per your Gallup poll OP today.

[ProSense]

4. NYT article: "Two dozen bills in Congress seek to dismantle parts of the Dodd-Frank Act"

Dodd-Frank Under Fire a Year Later

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Two dozen bills in Congress seek to dismantle parts of the Dodd-Frank Act, which President Obama signed a year ago Thursday. Business groups have argued that too many new regulations could snuff out the start of an economic recovery.

President Obama says he believes the battle is far from over.

“The financial crisis and the recession were not the result of normal economic cycles or just a run of bad luck,” the president said Monday as he nominated a new director for the Consumer Financial Protection Bureau, a centerpiece of the Dodd-Frank Act. “There were abuses and there was a lack of smart regulations. So we’re not just going to shrug our shoulders and hope it doesn’t happen again.”

Mr. Obama’s pick for the new bureau is Richard Cordray, a former Ohio attorney general.

It is not yet clear, however, that the forces fighting to preserve all the elements of Dodd-Frank will, in fact, win out. It is also not clear that Mr. Cordray will be confirmed by the Senate.

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Report: Wall Street’s Opposition to Dodd-Frank Reforms Echoes Its Resistance to New Deal Financial Safeguards