WASHINGTON — In a step toward overhauling the nation’s financial regulation, a senior Democrat on Wednesday announced a plan that preserved the core of the White House’s proposal for a new consumer financial protection agency, while jettisoning a smaller though symbolically significant provision that had posed political obstacles...
What would this unreasonable "symbolic" provision be?
...An Obama proposal that Mr. Frank rejected would have required banks and other financial services companies to offer so-called plain vanilla products, like 30-year fixed mortgages and low-interest, low-fee credit cards.
That proposal set off criticism by Democrats and Republicans, some with close ties to the banking industry, that it was the first step toward having government bureaucrats approve and disapprove an array of products...
Yes indeed, the government has no business making banks act like banks instead of casinos and loan sharks. I can't imagine what got into the administration. It's good to see our Congresscritters are still hard at work keeping useful legistlation from being passed in a non-partisan way.
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