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Financial Reform: Unwritten Rules for an Empty Road
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Financial Reform: Unwritten Rules for an Empty Road

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Last year's Dodd-Frank finance reform law was supposed to protect consumers from another meltdown on Wall Street. Are taxpayers and the global economy still vulnerable to banks that are "too big to fail?" Also, Pressure on Pakistan's Army chief amid fraying US relations, and Anthony Weiner decides to resign from Congress.

Banner image: President Barack Obama (L) greets Sen. Chris Dodd (C) (D-CT) and Rep. Barney Frank (R) (D-MA) after signing the Dodd-Frank Wall Street Reform and Consumer Protection Act July 21, 2010 in Washington, DC. Photo: Win McNamee/Getty Images

Making News

Pressure on Pakistani Army Chief amid Fraying US Relations ()

The next victim in Pakistan's deteriorating relationship with the US may be the most powerful man in that country.  Army chief General Ashfaq Kayani reportedly is trying to make amends with his own military leadership after a meeting in which he was jeered by fellow officers. Karen DeYoung is senior diplomatic correspondent at the Washington Post.

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Main Topic

Financial Reform: Unwritten Rules for an Empty Road ()

When he signed the Dodd-Frank finance reform bill, President Obama said it would protect consumers from the reckless behavior of banks that caused the Great Recession and then got bailed out with taxpayer money. Less than a year after calling the legislation a "key pillar" of economic recovery, he hardly mentions it any more. He's meeting with Wall Street leaders he once called "fat cats," presumably looking for campaign contributions. Republicans, and some Democrats, are delaying the new rules to give teeth to reform. The new Consumer Financial Protection Bureau will open for business on July 21, but Obama still has not appointed a leader. Is the economy still vulnerable to risky practices by banks that are "too big to fail?" What's the future of consumer protection?

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Reporter's Notebook

Congressman Weiner Steps Down ()

Minority leader Nancy Pelosi called for New York Congressman Anthony Weiner to step down and avoid further embarrassment to his family, himself and the Democratic Party. She even threatened to strip him of his committee assignments. President Obama went public too, suggesting that Weiner resign. Today, from Sheepshead Bay in Brooklyn, he did. We hear more from Steve Kornacki, news editor and political columnist for Salon, and Ken Vogel, chief investigative reporter for Politico.

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