Actually, its a watered-down reinstitution of some Depression era measures. It cannot and will not prevent future financial crises. It represents a colossal failure of vision on behalf of the leaders of both parties.<p>It fails to address the most pressing financial regulatory concerns (Glass-Stegall), creates ineffective and burdensome new requirements for businesses (Consumer Protection Division), and fails to alter the basic incentives that encourage investment fraud and shortsighted thinking (Compensation based on annual returns.)
Great, they pass an incomprehensible bill, then allow us to read it later.<p>I know I've seen a few good blog posts warning us that this is going to be a startup angel funding killer. I'm sure eventually the investment community will work around it, but short term this may be a real kick in the nuts to many startups looking for funding.<p>Would love to see some smart startup lawyers read through this bill and post some analysis. Any takers? Thanks in advance
I wish political system was such that this sort of announcement was possible. "Today we reinstate the Glass-Steagall Act. Which the <i></i>Republicans<i></i> repealed 1999 thus allowing the excesses of Wall Street and the Banking Industry our country has suffered of late. And btw here's a list of politicians opposed to our actions and how much Banking/Investment lobbyists have paid them. And for good measure here's Banking industry profits and CEO salaries from 1999-2010."