Dodd pushes his idiot scheme to redesign our financial industry’s regulation structure under the oversight of a White House political appointee. No one appears to think it’s a good idea or that it will go anywhere, but that’s not the point:
Mr. Dodd’s proposal stakes out an extreme position, and is likely to face major resistance, especially from the banking industry. His effort comes as he prepares for a tough re-election battle in 2010. Mr. Dodd has been criticized for being too cozy with the banking industry in the past. This year he has advanced various proposals attacking banking practices, such as a new law limiting certain credit-card fees.
Even if his regulatory-overhaul plan runs aground, it could help Mr. Dodd position himself as a populist lawmaker willing to wage war on powerful financial institutions