Financial reform is the need of the hour 0
There are many who are clamoring for financial reform in the US. The events of the last 2 years have amply indicated this burning need that one cannot afford to ignore or neglect. This is also something that the US Chamber of Commerce has been calling for because it is not too late to get things going and the situation under control of things start moving fast on financial reform. The Senate is scheduled to vote on Financial reform bill that will help to prevent a repeat of the financially disastrous events of 2008 that are still being felt in the US economy in terms of job losses, depressed demand and recession.
The chamber of commerce is also strongly and firmly opposed to setting up of a Consumer Financial Protection Agency that is poised to create another layer of useless bureaucracy and which would make it tough for people and companies to get badly needed credit. The body is calling for an independent agency or bureau that would not be under the direct control of oversight by the Fed. The new bureau should only regulate financial firms and not small businesses and enterprises like dentists of retail stores who would qualify to giving credit if they accept money in more than 4 installments. This is quite ridiculous and would not really help matters as they stand.
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