It's a sign of our shadowy times that the latest regulatory "reform" bill hasn't been laughed out of Washington. Same goes for the latest bankers' complaint, this time about being asked to cover their own bets. And if you think it's bad now, wait and see what happens if Romney takes over.
Think "global catastrophe."
While bank-friendly politicians offer insipid legislation, the world economy is still at risk. And it could get worse.
The Independent Regulatory Analysis Act (S. 3468) might seem to make sense -- until you spoil the illusion by thinking. At the president's discretion, regulators could be forced to perform up to thirteen additional costly and complicated steps before any new banking rule is enacted. it would be a costly and complicated process filled with bureaucratic red tape. In other words, it's everything politicians claim to despise --- unless they help banks, it seems. An excellent review by Demos estimates that Senate bill 3468 would delay the implementation of Dodd-Frank financial reforms by as much as a year and a half.