The U.S. Senate is debating a good reform bill now, and several senators are lined up to strengthen it even more. But banking lobbyists are working overtime to persuade senators to make the bill weaker.
Washington has tied itself in knots trying to find a way to thwart "too big to fail" without cutting megabanks down to size. It can't be done. When something is too big, the solution is to make it smaller.
The financial crisis hit in the summer of 2007. By the fall of 2008, Wall Street had nearly destroyed itself. Obama put forth a reform proposal in June of 2009. It is now the spring of 2010. The time for action is long overdue.
The Wall Street reform effort enters a new phase on Thursday, as the conference committee between the House and Senate will meet to begin hashing out the differences between the House and Senate versions which have already passed.