President Obama Wants New Rules for Wall Street
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President Obama's proposed regulatory reforms are designed to avoid another financial meltdown, but they're already under fire for doing too much -- and for not doing enough. We hear how the debate is shaping up. Also, another massive turnout of anti-government protests in Iran, a country that's is nothing if it's not "unpredictable. We talk with a veteran American journalist.
Banner image: Treasury Secretary Timothy Geithner testifies before the Senate Banking, Housing and Urban Affairs Committee today on the Obama Administration's proposal to modernize the financial regulatory system. Photo: Win McNamee/Getty Images
Making News
Clerics to Meet Challengers, Protests Continue in Iran ()
There's been another massive turnout of anti-government protesters on the streets of Tehran today. Trita Parsi is President of the National Iranian American Council.
Guests:
- Trita Parsi: President, National Iranian American Council, @tparsi
Main Topic
President Obama Wants New Rules for Wall Street ()
Just one day after President Obama unveiled his proposed overhaul of financial regulations, Treasury Secretary Tim Geithner was called to defend it on Capitol Hill. Would the Federal Reserve get too much power? Could banks, insurance companies and investment houses still get “too big to fail?” Would a new agency protect financial consumers against excessive risk? Would complex derivatives still have the potential to wreak havoc? These are just some of the questions being asked about the President's overhaul of the financial system, released yesterday and already under assault. Would it prevent another financial meltdown, stifle the entrepreneurial spirit or just return to business as usual?
Guests:
- Binyamin Appelbaum: National Banking Reporter, Washington Post, @BCAppelbaum
- Doug Rediker: Director of the Global Strategic Finance Initiative, New America Foundation
- John Berlau: Director of the Center for Investors and Entrepreneurs, Competitive Enterprise Institute
- Nomi Prins: Senior Fellow, Demos
Links:
- Joe Nocera's (New York Times) column on what the financial overhaul doesn't do
- Washington Post article on financial reforms, the art of the possible
- Sarbanes-Oxley Act of 2002
- AEI-Brookings study on economic consequences of the Sarbanes Oxley Act
- Demise of the Glass-Steagall Act, PBS on
- Appelbaum's article on the battle over the Obama's plan
Reporter's Notebook
The Difficulty of Reporting from Iran ()
Today marked another massive, anti-government protest today in Tehran. As we considered what's likely to happen next, we've been told, "We're in unchartered waters." Bill Berkeley, who teaches journalism at Columbia University, is a former foreign correspondent for the New York Times and other publications. He's been to Iran four times for a book he's writing about the kidnappers who took American diplomats hostage during the revolution of 1979.
Guests:
- Bill Berkeley: Adjunct Professor of Journalism, Columbia University
Links:
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