Today's Charlotte Observer has an AP story that should concern us all.
Revamp of rules proposal debated
Plan to overhaul financial oversight is set for release today
WASHINGTON -- In proposing the broadest overhaul of financial oversight since the Great Depression, the Bush administration has kicked off a fierce debate. It pits those eager to revamp an antiquated system against an industry opposed to excessive regulation.
A complete overhaul is obviously needed, and has been for some time. Sadly, it took the economic recession those of us in the middle and working class have been feeling for some time to start pinching the pockets of those with the ear of the President for the crisis to be recognized. But is the same Bush Administration that not only engineered this economic crisis in the first place (not to mention oversaw the Hurricane Katrina rescue disaster) the best folks to be consolidating powers on their way out the door?
The administration is aware of the hardening lines. The 200-page plan set for release today comes in the midst of the most severe credit crisis in two decades.
That crunch has meant billions of dollars of losses for banks and investment houses. It has caused the near-collapse of the country's fifth largest investment bank, made it harder to get loans and pushed the country to the brink of a recession.
We have good reason to be wary of anything proposed by those that brought us such misleadingly named programs as No Child Left Behind, Clear Skies Initiative and the Patriot Act. We have extra reason to be cautious of any changes this drastic.
The yearlong review produced a plan calling for the greatest changes in financial regulation since the 1930s.
The Federal Reserve would gain new powers to serve as the protector of stability for the entire financial system. The plan would abolish some institutions such as the Office of Thrift Supervision and the Commodity Futures Trading Commission; their responsibilities would shift to other agencies.
Just because this administration has allowed yet another crisis to develop under its nose is no reason to give it more power. There are great concerns Congress could rush to legislate on any forthcoming proposal, but there is no reason to give this administration more power without careful consideration. I encourage all Americans to pay attention to the developments, and ask that Congress do its Constitutional duty of oversight. I pray this won't get passed in a rush only to hear more stories about how members of Congress didn't even read the bill and are shocked to learn what they actually voted for after the damage is done.
I may not be your voice in Congress yet, but I will do all I can to keep feet to the fire along the way and raise the kind of questions our Representatives should be asking of this Administration now.
Today is the end of the reporting quarter folks, and a very important fundraising deadline for us. I'd be honored to add your voice to the chorus for change today and have you stand with me against this Administration.