It's a Disaster

That's New Hampshire Senator Judd Gregg's take on the financial reform bill that just passed the Senate.  It's an assessment he shared during an appearance on CNBC. The financial regulatory bill is a “disaster,” and its proposed consumer protection agency would create a Fannie and Freddie “on steroids,” Sen. Judd Gregg, R-N.H. told CNBC on Monday. “The bill is a disaster because it doesn’t address the fundamental underlining causes of the economic issue, which were real estate and underwriting,” he said. “This bill became, ‘I want to score the most points against Wall Street.’ Most of the initiative of this bill wasn’t directed at solving the problem, but it was directed at scoring political points.”

Speaking about the new consumer protection agency Gregg said, “It’s going to become an agency that defines lending on social justice purposes instead of safety and soundness purposes.”