Finance Reform Bill Does Everything but Reform Finance

Patrice Hill of the Washington Times wrote an excellent article on the recently passed financial reform bill (soon to be signed by the President) and all the non-financial elements it contains. It is truly remarkable that very few members of the media are reporting on this issue.

Here is a sample of what America has to look forward to:

Proxy Access Provision -- The bill includes a measure to make it easier for unions, environmental groups and other activist organizations that hold shares to put their representatives on the boards of directors of every corporation in the United States. Activist groups say they will use to try to improve oversight of corporate financial practices, has provoked a backlash from the Business Roundtable, U.S. Chamber of Commerce and other major non-Wall Street business groups.

New Federal Offices – The bill creates more than 20 "offices of minority and women inclusion" at the Treasury, Federal Reserve and other government agencies, to ensure they employ more women and minorities and grant more federal contracts to more women- and minority-owned businesses. The agencies also would apply "fair employment tests" to the banks and other financial institutions they regulate, though their hiring and contracting practices had little or nothing to do with the 2008 financial crisis.

New Consumer Protection Agency – This is the centerpiece of the reform bill and would provide substantial employment opportunities and funding for Democratic and social-activist groups.