Even though my great friend and colleague Chris Dodd wants to pass comprehensive financial reform as soon as possible, I would like to stress that this is not something to be taken lightly. After all, when you think about it, it has only been two years since the beginning of the financial meltdown — clearly, that’s just not enough time to figure out simple things like “the current regulatory scheme isn’t working.”
So when Chris presented us with his new bill this week, I wasted no time in arguing that we need even more time to review the contents thereof. I mean, being the ranking Republican member of the Senate Banking Committee, you’d think this is something that I should have been able to review thoroughly and repeatedly in the past — but due to my strong ties to the Banking Sector (those campaigns aren’t going to fund themselves, people), I am now dragging my feet in order to stall the process.
In my heart, I believe that In This Economy, the nation’s banks’ profitability is paramount. Much more so than individuals’ financial wellbeing, for example. I mean, does anyone honestly give two hoots about that? Therefore, by creating as many distractions as possible, it might be possible for me to derail financial reform legislation altogether. As I told the American Banking Association — to great applause I might add — nobody I know really likes this new consumer finance protection thing, so I’ll be working my butt off to disrupt its creation.
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