What's Going on in Washington, April.

Financial Reform has been on President Obama’s April Agenda especially as it pertains to Wall Street and other big business like Goldman Sachs.

The Plan is devised into three key goals, some pain points are:

1. Holding Wall Street Accountable. Greater regulation, and creation of a mechanism that would prevent a company from becoming “too big to fail.”

2. Changing Credit Card Practice. Mandating brokers to use plain language when families want to buy y a home, and eliminating overdraft fees.
3.“Market Discipline Is Not Enough." Increasing company regulation.

The republicans in congress have a equal concern for the bailout situation and have often referred to it as a “bailout era”, this would supposedly end under their watch. Republicans have drafted a plan, the key premise being rather than institutionalizing bail-outs, the Republican plan ends the era of bailouts. Creating a new chapter of the bankruptcy code to make it more efficient and better suited for winding down large non-bank financial institutions. The idea is to stop the politicization of the economy by preventing the government from picking winners and losers in the marketplace. Also, Fannie Mae and Freddie Mac would be led to gradually privatize. Those agencies as well as Credit Rating agencies would have to compete fairly in the market.

Fortunately, bipartisan meetings are being held to address the need for Wall Street and Overall financial reform, plans should be-come definite this Summer 2010.