Financial Regulatory Reform. This legislation (H.R. 4173), described by the Washington Times as “the most sweeping regulatory overhaul of the nation’s financial sector since the new Deal,” would create a Consumer Financial Protection Agency, and in general tighten federal control of the financial sector on the false premise that the financial crisis was driven by free-market forces, as opposed to government and Fed policies (e.g., artificially low interest rates) that encouraged excessive borrowing and risk-taking.
The House passed H.R. 4173 on December 11, 2009 by a vote of 223-202 (Roll Call 968). We have assigned pluses to the nays because more government control of the economy will do more harm than good.
