Showdown looms for financial reform
Author: Victoria McGrane, Politico
Mar 09, 2010
"If there were any question that the stakes are high for financial reform, consider this: Even the Defense Department is getting into the fight.
Pentagon brass want a new consumer watchdog agency to regulate auto dealers so they don’t rip off troops with predatory sales and shady financing deals. Democrats are hoping it’ll be hard for Republicans to oppose something Pentagon leaders want, at a time when troops are in harm’s way.
And there’s more: Payday lenders, check-cashing outfits and rent-to-own stores operate, for all practical purposes, free from federal regulation — and President Barack Obama wants to change that with a consumer agency that spans the world of finance from high to low."
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"We are at a defining moment in the debate about financial reform. It's been two and a half years since the crisis started. It's been nine months since President Obama first laid out a proposal for comprehensive reform. And it's been three months since the House of Representatives passed a major reform bill. This is an enormously complicated issue. We have to get it right."
