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  • Senate Financial Regulation Bill: How Fast Can You Read 1,336 Pages?

    At 1,336 pages, the Dodd financial services regulation bill proposal, which the Senate Banking Committee will begin to consider today, includes language that could create a permanent bank bailout. It is also filled with other significant issues, any one of which could cause serious damage to the economy or consumers by allowing bureaucrats to micromanage financial services firms and require than to meet political priorities. Unfortunately, Sen. Dodd says that he wants the Senate Banking Committee to rush through the bill this week and then to send it to the Senate floor for equally swift passage. This is completely the wrong approach to this issue.

    As with any long and complex financial regulatory bill, Dodd’s bill should be closely and thoroughly reviewed before it is voted upon in committee or on the Senate floor. Regardless of whether the bill is approved, anything less than careful examination is almost certain to have unintended consequences due to innocent drafting errors, poorly described policy decisions, or just plain bad policy. Rather than acting in haste and repenting at leisure, the Senate should carefully examine each and every section of the Dodd bill before taking any votes. Rhetoric can be a powerful motivator in politics, but quick action on all but the simplest areas almost always results in bad decisions that can have lasting effects.

    Posted in Economics [slideshow_deploy]

    8 Responses to Senate Financial Regulation Bill: How Fast Can You Read 1,336 Pages?

    1. Ozzy6900, CT says:

      Let us no forget who it was that was supposed to be the "Watch Dog" for the Senate Banking Commission. It was Senator Dodd himself who with Barney Frank messed up the entire mortgage system!

      There should be more than careful examination of this proposal, they should run a fine tooth comb through it! Senator Dodd is not running for re-election because he knows he will loose here in CT so what does he care what he puts into a proposal?

    2. Billie says:

      no bill should exceed 299 pages as any amount beyond screams: corruption inefficiency, uncomprehending.

    3. Pingback: US House Votes to Pass Health Care Bill . . . But Wait! | Ethel The Frog

    4. Joe Veenstra says:

      The print is very difficult to read. Perhaps a BOLD print would be helpful to many of us.

      Joe

    5. Joe Veenstra says:

      The print needs to be clearer and darker for me to be able to read the articles easily.

    6. Jay Philip Williams, says:

      "As with any long and complex financial regulatory bill, Dodd’s bill should be closely and thoroughly reviewed before it is voted upon in committee or on the Senate floor."

      You mean as with the health care bill that was just made law? Right.

      Billie–you are SO on the money! But I've been thinking it should be more on the order of 50 pages–something an average person could read and understand in one evening. If it's bigger than that, break it down into multiple smaller bills.

      I'm not going to hold my breath for either of these things.

    7. Billie says:

      Good one Jay, I totally agree with your 50 pages. Efficient as possible, in LAY MANS TERMS! Even an immigrant can understand.

      I meant to write 200.

    8. Pingback: Want To Raise Capital? A Must Read If You Need Investors! | Published articles

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