A coalition of former regulators, left-leaning economists and Democratic insiders have slammed the Senate's version of regulatory reform in a letter to the parties' two leaders, warning that the current bill won't prevent a future financial crisis.
In a letter addressed to Senate Majority Leader Harry Reid (D-Nev.) and Senate Minority Leader Mitch McConnell (R-Ky.), 36 highly respected officials, including former Labor Secretary Robert Reich, and longtime Democrat and Obama adviser Leo Hindery, paint a dire picture of the state of legislation to fix Wall Street.
"Nineteen months after the most devastating financial crisis since the Great Depression, our financial system remains at risk," they write. "Neither the bill passed earlier this year by the House, nor the one currently under consideration in the Senate would have prevented the crisis. Without serious restructuring, they will not prevent a future crisis."
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