Congress is down to its self-imposed deadline to come up with a financial regulatory reform bill, leaving some of the most controversial provisions — like how to deal with the trading of derivatives — to the final hours. Law Professor Cornelius Hurley, director of the Morin Center for Banking and Financial Law and a former counsel to the Fed Board of Governors, says that a Congress that couldn’t bring itself to enact meaningful reform legislation during the height of the financial crisis now seems to be panicking to pass what he sees as deeply flawed bill.
“Having lost the moment to make bold changes, the legislative process has become all about the November elections and very little about sound public policy. Congress may well meet today’s deadline, but we won’t be the better for it.”
Contact Cornelius Hurley, 617-353-5427, firstname.lastname@example.org