I am heading to Washington DC tomorrow (leaving Wilmington at 5:30am), to lobby in support of financial industry reform, as part of efforts of Americans for Financial Reform (www.ourfinancialsecurity.org).
This is a multi-state effort to speak with decision-makers. Some time will be spent with a Deputy Director of the National Economic Council. We then travel to Capitol Hill, to meet with Castle, Carper, and Kaufman, and/or members of their staffs.
Top issues are:
End 'Too Big To Fail', and the related need for taxpayer bailouts (championed by Senator Kaufman)
Bring Derivatives Into The Open
Provide Real Consumer Protection (no exceptions--car leasers, payday lenders, etc)
Bring Comprehensive Regulation to Shadow Banking--Hedge Funds, Private Equity, and Venture Capital--bring them under the SEC, with NO EXCEPTIONS
Reform Credit Rating Agencies (which failed so many investors)--hold them accountable, end the incestuous relationships
Investor Protection and Corporate Governance Reform--here I would like to see an amendment to require that broker-dealers who deliver investment advice to abide by fiduciary standards, not just suitability standards