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Financial Reform Legislation: Reaction

Treasury Secretary Timothy Geithner walks from the Treasury Department to deliver remarks following the passage of financial regulation legislation by the Senate. Win McNamee/Getty Images North America hide caption

toggle caption Win McNamee/Getty Images North America

It's always nice when someone else does your work for you.

This morning, I gave cursory thought to doing a round-up of opinion about the financial reform legislation the Senate passed yesterday.

Lo and behold, Patrick Appel at The Daily Dish, who claims that he is "still trying to make sense of the bill," has done it already. Thanks, Patrick!

He has quotes from Matt Taibbi, Robert Reich, Matt Yglesias, and a handful of others. Check it out.

In a post called "Financial Reform: The Long March Ends," The New Yorker's James Surowiecki gives us a sense of what's in the bill:

...what it does do, at least in theory, is make it possible for even too-big institutions to fail, by creating a mechanism that will allow the government to, in effect, place failing institutions under conservatorship, and wind them down over time, thereby avoiding both the chaos of the Lehman Brothers bankruptcy on the one hand, and the need to give troubled banks government-subsidized handouts on the other.

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