By Padmini Arhant
Congratulations! To President Barack Obama, Senator Chris Dodd, Rep. Barney Frank and other Congress members from both sides of the aisle for their contribution to the historic victory on the Financial regulations bill.
The United States Senate approved the long overdue financial regulatory reform that was challenged by Wall Street and their representatives since conception.
Not long ago, the global economy faced the possibility of the ‘Great Depression,’ emerging from the deregulated financial markets with extraordinary privileges in the public fund mismanagement and speculative trading showing no regard for the dire consequences, now a harsh reality experienced by the billions around the world.
Wall Street exercising the ‘free market’ power to engage in calculated high-risk ventures especially through derivatives and hedge fund activities led to a near free fall in the absence of any oversight on the reckless involvement.
The U.S. economy would have succumbed to the economic crisis if not for the American Investment Recovery Act passed by the Democrats and isolated republican members in Congress.
President Barack Obama and the lawmakers behind this legislation deserve credit in this regard.
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Thank you.
Padmini Arhant
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