Sen. Reed: Must 'fill in gaps' of U.S. financial regulations
10:10 AM Thu, Jun 18, 2009 | Permalink
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WASHINGTON -- Sen. Jack Reed was one of the lawmakers on hand at the White House Wednesday as President Obama unveiled his new plan to regulate the financial system. In a statement issued later by his office, the Rhode Island Democrat called Mr. Obama's proposal "a solid plan to begin to fill in'' gaps in the regulatory system that contributed to last year's crisis on Wall Street. Reed said: "There will certainly be some changes and modifications to today's plan, but we cannot afford the price of inaction.'' Reed is a senior member of the Senate banking committee and chairman of one of its key regulatory subcommittees. There has been speculation on Capitol Hill that Reed will play a big role in the debate on the president's regulatory plan because the full committee chairman, Sen. Christopher J. Dodd of Connecticut, has become acting chairman of the health committee, which has launched the intensive process of writing legislation to overhaul the U.S. medical system. The chairman of the health panel, fellow Democratic Sen. Edward M. Kennedy of Massachusetts, is undergoing treatment for cancer. 
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It is not all that solid and would create another agency. What about enforcing the current laws and bringing back Glass-Steagle? The problem was the regulators weren't doing their jobs. The congress oversight committee also did not do their jobs. Freddie Mac and Fannie Mae have as much to do with this as any company. BTW they were government run weren't they?
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RI once had somebody highly influential on a Congressional Banking Committee. His name was Freddie St. Germain. Under his watch we had the Savings & Loan fiasco that in addition to other things put the Old Stone Bank out of business. Do we trust another RI Democrat in a position of power?
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