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...wrong. The Obama plans would, if enacted, amount to the biggest changes in financial regulation since the 1930s. But don't let this make you think the Obama reforms even approach in significance and forcefulness the changes made back then. In the early days of the Roosevelt Administration, Congress set up the Securities and Exchange Commission and charged it with strictly regulating markets, split banks from investment banks with the Glass-Steagall Act, created the Federal Deposit Insurance Corp., and enacted all manner of other game-changing financial reforms. It's not just that the Obama reforms are less ambitious...
...There are some perfectly good reasons for this difference in approach: In the early 1930s, Congress was confronting a failed and mostly unregulated financial system. What we have now is a financial system that has been prevented from failing by government actions, and already has regulators swarming over many, but not all, of its parts...
...date, Obama has mostly avoided confrontations with Congress on major agenda items, including repeals of "Don't ask, don't tell" and the Defense of Marriage Act, which restricts federal recognition to heterosexual marriages. The Administration did push a hate-crime bill (a gay-rights priority), which has already passed the House, and it is working on a rule-making process that is likely to lead to a lifting of immigration and visitation restrictions for HIV-positive foreigners, another priority for the gay and lesbian community. In his office on June 17, Obama announced his support of a Senate bill...
...about the dollars. Coming up with a bill that doesn't add to the deficit is turning out to be even harder than members of Congress thought it would be. (Read "Kennedy's Absence Felt on Health-Care Reform...
...This is a joke," said Arizona Senator John McCain. "This is the most incredible markup I've been to in my years in the Senate and in Congress. I suggest we not move forward until we have some provision on how we're going to pay for it." New Hampshire Republican Judd Gregg added that he didn't know who had written what he had seen of the bill, "but if it had been Rube Goldberg, Ira Magaziner [the architect of the failed 1994 Clinton health-care plan] and Karl Marx, you might have gotten this product...