Today, Sen. Christopher Dodd will unveil his financial regulatory reform legislation to the Senate Banking Committee. Based on some predictions, the bill may fall short of correcting the Too-Big-To-Fail mentality that led to the financial crisis in the first place. A series of measures to soften the impact of the bill by Republicans and administration officials alike will surely challenge the success of any new legislation.
HuffPost contributing editor Simon Johnson writes:
The lobbyists did their job a long time ago. Treasury sent up a weak set of proposals - Secretary Geithner apparently felt that to do otherwise would be just to seek "punishment" for past wrongdoings; there is too little concern at the top levels of this administration regarding what comes next. And Senator Dodd was pushed hard by various interests to weaken all potentially sensible proposals - including anything that would bring greater transparency and safety to the derivatives market. The Republicans have also demonstrated their mastery of delaying tactics; by emphasizing "procedural" issues, they have so far managed to conceal their fundamental opposition to real reform.
But what does the bill itself say? The Huffington Post is recruiting a team to read through Dodd's legislation, identify weak points and highlight important passages. Sign up below.