"The Incredible Growing FinReg Bill"
In the House of Representatives, we started out with an okay bill and then it got watered-down as it made its way through committee and onto the floor. In the Senate, everyone assumed we’d start with a weaker bill and then see even more watering-down. But astoundingly that hasn’t happened. Instead the bill has tended to get stronger-and-stronger through amendment. As an example, here’s a good one from Jeff Merkley and Amy Klobuchar:
Today, an amendment put forth by Oregon Senator Jeff Merkley and Minnesota Senator Amy Klobuchar to the Wall Street reform bill passed the Senate by a vote of 63-36. The amendment will protect homeowners by prohibiting mortgage lenders and loan originators from receiving hidden payments when they steer homeowners into high-cost loans and will create strong underwriting standards to ensure borrowers have the ability to repay their loans.
This is not the essence of the crisis, but it’s a bad practice and well-worth banning.