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Too Many Loopholes in Financial Reform

On today's Morning Meeting, Dylan Ratigan brought on Senator Maria Cantwell (D-Wash.) to discuss the ongoing attempts to achieve a measure of financial reform, so that the widespread systemic failures of "too big to fail" banking institutions that cratered the economy maybe don't happen again. Cantwell went off: "The shenanigans just began here in Washington." Cantwell continued, "What is m More..oving through on the House side is a bill that supposedly has a new rule, but has so many loopholes that the loophole eats the rule. We want to say we have transparency and regulation, but it will continue to have loopholes."

At issue were some specific holes in the Defense against Wall Street's Dark Arts. First: no government oversight of which derivatives get traded on open, transparent exchanges. Instead of the SEC or other regulators making decisions on what goes on the exchange, the exchange would be overseen by banks, who are strongly incentivized to keep derivatives off of exchanges, where they make less money.
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