Wall Street Reform Bill Isn't Perfect, but It's a Good Start

Byline: GUEST VIEWPOINT By Peter DeFazio

Last week, almost 20 months after the big banks on Wall Street drove our economy off the cliff, the president signed into law tough financial services reform legislation. House Resolution 4173, the Wall Street Reform and Consumer Protection Act, will demand accountability from the big banks and financial titans on Wall Street and put in place rules to prevent the growth and collapse of another massive speculative bubble.

The bill did not go as far as I wanted in regulating gambling with derivatives or breaking up some of the "too big to fail" conglomerates like Citibank and Goldman Sachs. But it is the most significant regulation of Wall Street since the Great Depression, and a good start toward reining in Wall …

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Publication information: Article title: Wall Street Reform Bill Isn't Perfect, but It's a Good Start. Contributors: Not available. Newspaper title: The Register Guard (Eugene, OR). Publication date: July 29, 2010. Page number: A9. © Not available. COPYRIGHT 2010 Gale Group.

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