On March 24, I received an urgent e-mail from Sen. Chuck Grassley urging support for his amendment to the recent health care reform bill that would require all members of Congress and their staff to be bound by the same provisions. A much simpler approach would be that all U.S. citizens be entitled to the benefits enjoyed by the Congress and its staff.
You can be sure it would not take 2,300-plus pages to describe that legislation but then the whole nation would know what a fat hog they have cut for themselves.
Now Sen. Chris Dodd is proposing a financial reform bill that starts out at 1,300 pages and will be another fiasco. I suggest a simple one-page bill with three paragraphs: 1. Reinstate Glass-Stegall, which separated commercial and investment banking. 2. Require everyone in the financial services industry to put the consumers’ interest first. 3. Flat out state that there is no organization “too big to fail.” There will always be some organization ready and able to step in and pick up the remnants at fire sale prices.
People and organizations must be held accountable for their actions. I’m not holding my breath.