Statement of Ralph Nader on the Passage of H.R. 4173
The House bill too weakly regulates the huge derivatives market, the too-big-to-fail hazard, the executive compensation heist and fails to either provide greater power for shareholders or financial consumers. Reigning in the private credit rating agencies is so weak as to permit substantial continuations of these Wall Street rubber stamps of securities.
Moreover the legislation does not reinstate the proven Glass-Steagall separation of commercial and investment banking as strongly urged by Paul Volcker, economic advisor to President Obama.
The best part of the legislation is the creation of the Consumer Financial Protection Agency, but only if Elizabeth Warren becomes its first Administrator.