Mike Konczal on Financial Reform

Now that the Senate has passed the Dodd-Frank financial reform bill, the bill should be signed into law by the President in the coming days. The President has already expressed his opinion (click for video of the President’s remarks) of the bill,

From now on, every American will be empowered with the clear and concise information you need to make financial decisions that are best for you.  This bill will crack down on abusive practices and unscrupulous mortgage lenders.  It will reinforce the new credit card law we passed banning unfair rate hikes, and ensure that folks aren’t unwittingly caught by overdraft fees when they sign up for a checking account.  It will give students who take out college loans clear information and make sure lenders don’t cheat the system.  And it will ensure that every American receives a free credit score if they are denied a loan or insurance because of that score.  All told, this reform puts in place the strongest consumer financial protections in history, and it creates a new consumer watchdog to enforce those protections.

Clearly the President is enthused about this bill becoming law. But what does the future really look like for financial reform? Reid Cramer took advantage of our recent event on the Dodd-Frank bill to discuss that with Mike Konczal, former financial engineer, Roosevelt Institute Fellow, and author of the blog Rortybomb.

Check the video out at right.

In addition, Mike has a new post up outlining what he sees as the highlights of the bill. His list, Letterman-style:

1. Consumer Protection Agency.
2. Derivatives Traded on Exchanges.
3. Resolution Authority.
4. Too Big To Fail.
5. Volcker Rule Too Weak.
6. Fed Audits.
7. Limits on Leverage.
8. Monitoring Systemic Risk.
9. Executive Pay.
10. Credit Ratings Agencies.