Politics

“Inside Job” Wins Oscar, But will Financial Reform be Gutted?

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Congressional Attacks on Funding Could Cripple Protections for Consumers, Economy

WASHINGTON – Sunday’s Best Documentary win for “Inside Job” serves as a reminder of the critical importance of financial reform even as implementation of reform is under attack by congressional Republicans seeking to cut off funding, policy experts at The Greenlining Institute said tonight.
 

Greenlining co-founder Robert Gnaizda is prominently featured in the documentary as one of the few whistle-blowers who saw the subprime meltdown coming and tried to sound a warning.

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“The film shows how deregulation produced a massive housing bubble built on speculation, inflated appraisals, bogus bond ratings and outright fraud, and it ought to be required viewing for members of Congress,” said Chris Vaeth, The Greenlining Institute’s Washington, D.C.-based legislative director. “It’s ironic that even as ‘Inside Job’ is being honored, some in Congress are working to squelch the very regulations that could stop the next meltdown by blocking the funding needed to implement them.”

On Feb. 18, Politico reported that the agencies charged with implementing financial reform “are starving for money,” with Republicans in Congress intent on keeping it that way as a tactic to stall implementation.

This could impact not only the newly-created Consumer Financial Protection Bureau, but also other agencies like the Securities and Exchange Commission that have new responsibilities under the Dodd-Frank financial regulatory reform law passed last year.