by Thomas F. Cooley and Ingo Walter
We are now at a critical juncture in the effort to revise the structure of financial regulation in the U.S. Senator Christopher Dodd, Chair of the Senate Banking Committee, after months of seeking a compromise that would generate bipartisan support, has put forward his own version of a reform bill. Predictably, we hear the chorus of the wounded argue that the bill will stifle the competitiveness of U.S. financial institutions, retard financial innovation, send jobs overseas and limit the abundant options consumers and businesses now enjoy. John Boehner, leader of the House Republicans, urged a conference of bankers to stand up to "punk staffers" advising his colleagues. That's amazing, given that the financial services industry has spent something like $1 million per member of Congress lobbying on financial reform issues, which by some estimates amounts to about five active lobbyists per Congressperson. To which we say, take a deep breath and try thinking beyond the end of your nose. What's good for the system is ultimately good for you.
Read the full opinion editorial at Forbes.com