- The Washington Times - Friday, April 30, 2010


Regulatory legislation for banks should not be considered by Congress until there is full disclosure of the government’s role in causing or contributing to the current financial crisis (“Filibuster stalls financial-reform bill,” Page 1, Tuesday).

It will do absolutely no good to regulate banks, appropriately or otherwise, if government’s behavior will simply recreate the financial crisis all over again. The blame game can be played, but people could get hurt anew if there is not a comprehensive understanding of everything that contributed to the making of the financial crisis.

It is alleged that the federal government (Congress and two past presidents) coerced, if not forced, banks through their housing policies to make mortgage loans to many people who could not afford them. It is also alleged that those policies are still in place, and that they are being promoted right now by President Obama himself.

Whether all of this is true or not, the government’s role in the creation of the crisis needs to be thoroughly investigated before any serious legislation for bank regulation is put forward. A fair question to ask, then, is: What is the rush, Mr. Obama, to push through important legislation without adequate discussion?


Salt Lake City

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