While the financial reform bill passed by the Senate does not address the root causes of the financial collapse, it's not entirely worthless, according to Dylan Ratigan.
During "The Dylan Ratigan Show" on Friday, Ratigan selected four of the most worthy features of the legislation and urged viewers to call on lawmakers to support them when the House and Senate meet to hash out the final language.
Ratigan endorsed the following:
Sen. Al Franken's amendment regulating ratings agencies
Called the "Restore Integrity To Credit Ratings," Franken's amendment would establish a regulatory board to select the credit rating firm that issues a security's first credit rating.
Sen. Susan Collins' capital requirements
Passed unanimously, Sen. Collins' amendment would require regulators to take into account a financial institution's risk when assessing capital requirements. Collins' amendment would also set capital requirements for bank holding companies that would be as strict as those for insured banks, reports Reuters.
Rep. Ron Paul's partial "Audit the Fed" bill
The bill, which ultimately became part of the House financial reform bill, calls for an audit of the Federal Reserve Board's actions during the financial crisis. Federal Reserve Transparency Act.
Sen. Blanche Lincoln's ban on derivatives trading
Lincoln's amendment would force banks to spin-off their derivatives trading desks because of the role the financial products played in the financial crisis.
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