Dear President Obama,
The Wall Street reform bill with 90 percent of what you had hoped for is missing the most important 10 percent. I’ve reviewed the first 1,000 pages and I was stunned. I do not see this bill as a compromise in order to work with both parties and opposing interests. This bill is a sell out to the Federal Reserve. The next time I hear hail to the chief, I will know it is meant for the Federal Reserve’s governor. Please, do not sign the bill. Wait until AFTER the Financial Crisis Inquiry Commission has made its report. And, do not permit the Federal Reserve to Control the Bureau of Consumer Financial Protection – that should be an independent agency, and it should have a healthy adversarial relationship with the Federal Reserve and the financial sector. Finally, there is still no law that defines predatory lending. Phil Gramm would be proud of your oversight and inaction on the primary reason that collapsed the financial sector. Gramm, after all was the primary culprit that had blocked an attempt at legally defining predatory lending. Please, Mr. President do not sign this bill. The facts will come out, the American public will more fully come to understand this bill over time, and I predict you will be remembered as another Woodrow Wilson who penned words of regret in his memoirs.
Publisher and author of Mortgaged and Armed