Clinton Lets Her Wonk Flag Fly With Wall Street Reform
I have often thought that Hillary Clinton's greatest strengths the fact that she relishes digging in to complex problems and crafting policy solutions. This week she demonstrated that skill with the release of her proposals on Wall Street Reform. To organize the breadth of what she's talking about, Mike Konczal compared it to the five reforms that Sen. Elizabeth Warren proposed.
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Comparing both Clinton and Sanders to this list, Konczal summarizes as follows:
Using the Warren criteria, Clinton gets points on the first four, but approaches the fifth by working through Dodd-Frank rather than against it. Bernie Sanders gets major points on the last two, but hasn’t gotten specific on tackling shadow banking and the broader financial sector. Rather than stronger or weaker, we’re left with two different ways of prioritizing financial reform, with Sanders focusing on eliminating the threat of the largest banks and Clinton looking to the financial markets as a whole.
His dismissal of the idea that Clinton's proposals are either stronger or weaker than Sanders' undermines the point Sargent made the other day about Clinton merely "nibbling around the edges" of reform.
On the issue that strikes me as the most important to prevent the kind of crisis we experienced in 2008, tackling the shadow-banking sector, Konczal points out that even Sen. Warren failed to provide the specifics that Clinton has included. The focus on this is likely the result of Clinton's decision to hire Gary Gensler as her Chief Financial Officer - a move that reformers applauded.
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