Financial Reform Bill Information Resources

This post is not designed to argue for a specific view on financial form. Rather, this post is designed to be a primer on the issue and some of the forces at play and well as to aggregate some resources.

First, one overview of the bill can be accessed here.

The actual billed passed by the House can be accessed here. H.R. 4173, Wall Street Reform and Consumer Protection Act of 2009

This bill is more than 1,700 pages long, unlikely to be read by most cover to cover. However, I often use the Adobe Reader search functionality when I hear fishy sounding statements from either side.

Second, the language of many of those opposed to this bill can be found neatly outlined within this document, "The Language of Financial Reform" created by political strategist Frank Luntz. Mr. Luntz's document has absolutely nothing to do with facts (the document is not intended to be fact-based), rather it s a guide for the best ways and words to market opposition to the bill--emphasis on the word market. (Frank Luntz Wikipedia bio)

Regardless of your opinion on this issue, do not let the rhetoric of the right or the left form your opinions.

I do wish I had a similar document from a leading democratic strategist....but at least the sound bites of the GOP can be neatly found and followed with the Frank Luntz's document. So far, the GOP seems to be closely following the script.

President Obama and Congressional Democrats have stated that they are working to:

• Prevent too-big to fail organizations growing without oversight and appropriate preventative measures
• Avoid future tax-payer funded bailouts
• Not allow irresponsible and unproductive executive compensation plans
• Create regulation of derivitatives and other exotic financial instruments
• Create regulation of hedge funds
• Identify and close gaps for the effective regulation of the insurance industry to prevent future situations like the incredible instability we faced via the collapse of AIG

Watch the arguments on both sides and do not be swayed by rhetoric. From what I see so far, the right and left are essentially in agreement about the core issues we face. However, congressional Republicans would rather block potentially necessary legislation than to allow President Obama a Congressional Democrats and easy victory--even if they at heart agree.

This is another issue that is too important for political game playing that does not benefit the American people.