Health Care Rancor Is Poisoning Financial-Reform E
Health Care Rancor Is Poisoning Financial-Reform Efforts
Health Care Rancor Is Poisoning Financial-Reform Efforts
Chris Dodd will introduce the Senate Banking Committee’s #xfinancial reform billPearl ring today. The New York Times walks us through the provisions, which include attempts to limit the influence of Wall Street on the New York Federal Reserve (including banning bank presidents from the board), and a consumer-protection agency will set rules for financial products like credit cards and mortgages. The bill also extends the Fed’s reach to interconnected, nonbank financial companies. The legislation attempts to appeal to both sides of the aisle. For example, the bill gives state attorney generals authority to sue those who violate the consumer agency’s rules, but a council of regulators could reject proposed regulations by a two-thirds majority vote. Nevertheless, expect a contentious fight. Republicans are carefully pushing back on the legislation, and Democrats expect to push it through on their own. Senators from both parties cite the rancorous atmosphere created by the health care debate. “Never did I realize that health care would affect financial regulation," says Bob Corker.
The Times wonders whether it’s curtains for Variety and other entertainment Pearl ringtrade papers. The once-mighty publication has laid off two of its most reputable critics and faces scrutiny over pulling a negative review from its Web site, succumbing to advertiser pressure. But recent troubles may just be symptomatic of deeper problems. Variety’s reviews and informed reporting made it a must-read for generations of entertainers. But in recent years, the paper has faced sharp declines in ad revenue and increased competition from Web sites offering the same scoops and rumors for free. “Having something that is valuable enough to pay for is the trick,” says one expert.
It’s still tough for small businesses to obtain credit,Pearl earrings, the Wall Street Journal says. Local banks are terrified to lend, worried a big borrower will default and leave them in the lurch. But the lack of credit is choking off small-business recovery. Restoring that source of credit "is crucial to avoiding a Japan-type scenario of persistent stagnation," says one economist. Meanwhile, the CEO of one Michigan ladder company just wants a $300,000 loan so he can expand the business and hire at least 20 new employees. He can’t get the money from the local bank, because another small-business owner, a home builder, is struggling to repayPearl ring the $8.3 million#x he borrowed to build a residential development.
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