Housing Information :: Thorny issues remain in financial overhaul

Keep the Information Flowing

Small contributions go a long way. Your donation to Consumer Action, a 501 (c)(3) nonprofit, nonpartisan organization, can help us cover the cost of research, writing, and translation of our materials. To keep our services free for those who need them. Select an amount to give.

Released: June 22, 2010

Thorny issues remain in financial overhaul

Source: Brady Dennis & Dina Elboghdady, Washington Post (Free Registration)

One evening late last week, as House and Senate negotiators wound down another marathon session hammering out details of a massive financial regulatory overhaul, Sen. Christopher J. Dodd (D-Conn.) uttered what almost everyone else in the room was thinking.

“My own fear is that we’ve all died and this is our purgatory,” the chairman of the Senate banking committee said, sending a ripple of laughter through the weary crowd.

Lawmakers undoubtedly have resolved some thorny issues, agreeing to place the Federal Reserve under increased scrutiny, moving toward changes in the relationship between the government and credit rating agencies and trying to streamline banking regulation. But the hardest and most divisive issues remain unresolved.

Read Full Article: Thorny issues remain in financial overhaul