Real Financial Reform with David Malpass

“Tough financial reforms are necessary and appropriate, but this bill fails to fix much of what’s wrong, and it badly hurts New York small businesses and job seekers in the process.”

With the passing of Sen. Robert Byrd and the confirmation hearings for Elena Kagan this week, it gives us a little time to catch up on what’s in the President’s financial “reform” bill. You know the drill by now: 2,000+ page bill, passes conference in the middle of the night, and if Republican’s disagree with it than their “anti-reform.”

Which considering there was a last minute tax hike to where the White House can no longer count on Sen. Scott Brown as the 60th vote, it’s safe to assume Republicans are going to have issues with the bill. More importantly, it’s a chance to point out that opposing the President doesn’t mean you’re “anti-reform,” it just means you think the bill being presented to you is a giant crap sandwich and you have other ideas on how to reform.

This is especially true when it comes to candidates who are running for Senate. David Malpass, God willing the next Senator of New York, the floor is yours

* Strong regulatory reform that brings safety and small business lending;
* Limits on bank leverage;
* Higher capital requirements for non-exchange-traded derivatives;
* A “reasonableness test” for bank regulators to use in evaluating small business loans and their capital requirements, and
* A requirement that bank regulators use their professional judgment in evaluating small business loans and their capital requirements.

Assuming that current Sen. Kristen Gilligan will have to agree to at least one debate, I for one am looking forward to it.


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