It's About Power, Not 'Reform'

[Echo In Light]

by Robert Weissman

When it comes to Wall Street, "reform" is not the issue. We know this, because everyone supports reform.

"We believe that sensible and significant reforms that do not impair entrepreneurship or innovation, but make markets more efficient and safer, are in everyone's best interest," write Goldman Sachs CEO Lloyd Blankfein and company President Gary Cohn.

"We at JPMorgan Chase and at other banks have consistently acknowledged the need for proper regulatory reform," echoes Jamie Dimon, CEO of J.P. Morgan.

Says Ryan McKee, senior director of the Chamber of Commerce's Center for Capital Markets Competitiveness: "We need strong consumer protections, the elimination of duplicative regulation, and strong enforcement against illegal financial activities."

And Republican strategist Frank Luntz advises clients, "You must acknowledge the need for reform that ensures this NEVER happens again."

What matters is not the fact of reform itself, but the content of reform. As the Senate takes up debate over new financial regulatory rules, Wall Street and the big banks are mobilizing to confuse the public and leverage their power on Capitol Hill. Their objectives: Confine the debate to technical issues and traditional regulatory questions. Prevent consideration of industry structure and incentives. Protect the ability of firms to undertake high-stakes gambling.

The Senate bill is more than 1700 pages long. There's a lot in there -- but important things are missing.

Here are five issue priorities to advocate for as the debate goes forward:

Continued:
http://www.commondreams.org/view/2010/04/15-6

[Captain Hilts]

1. I thought this was about the Roman Catholic church....nt