Hot off the heels of the health care reform bill, President Obama and his team are now working to quickly push through finance reform.
The new legislation, considered the most significant change to financial rules since the Great Depression, would create an oversight board to monitor and eradicate hazards of a systemic nature, broaden the Federal Reserve’s control over the largest, “too big to fail” companies, establish an agency to protect financial consumers by regulating mortgages and credit cards and establish basic regulation of exotic instruments such as derivatives, which destabilized the financial markets and worsened the 2008 crisis.
But, just like with the recent health care bill, the issue remains–will there be bipartisan support? A recent Reuters article stated that: “Democrats will be hard-pressed to assemble the 60 votes likely to be needed to get a bill through the Senate, but analysts said odds still favored the approval of reform legislation this year.”
So far, the Democrats are taking a more aggressive posture toward Republicans following success of their health care bill: Cooperate on reform or have no say at all in its provisions. But will that type of attitude work?