Two Cheers for Financial Reform

The financial-reform bill that the Senate voted through last night is an improvement on House bill from last fall, and its passage means final legislation is virtually inevitable early this summer. Given the dysfunctional political situation in Washington, and the Obama Administration's innate aversion to anything smacking of radicalism, the coming overhaul will be surprisingly broad-ranging, and it should be welcomed. However, it still fails to address some of the root causes of the crisis, ...