Wall Street Reform

Congressman Paul Kanjorski is one of the key players negotiating a major overhaul of the rules that govern the financial industry. The House and Senate have passed bills and now the conference committee has to bang out a bill that can can be passed by both houses of Congress. In an interview with PoliticsPA he said “This legislation is without a doubt the most significant thing I’ve worked on in Congress.... This is an issue and a time that tests why you’re in Congress,” he said. “If this costs me my seat, so be it. I came to do the best I could.”

Kanjo is still fighting for his ‘too big to fail’ amendment that would grant the government new powers to break up large financial firms if a financial company is deemed systemically risky.


Don't Forget the Kanjorski Amendment

Some of my friends on the right blame Kanjorski for letting this becoming a crisis in the first place and I think that is a valid criticism but he has been working on preventing the meltdown that happened in 2008 from happening again.

I favor the the too big too fail amendment but ask why do you have to wait? I agree with Senator Bernie Sanders (VT) "If it’s too big to fail, it’s too big to exist."

The Sherman Antitrust Act broke up the Standard Oil Company and it's successor companies thrived. AT&T was broken up and the baby bells are all in business and competing with each other. Break up the financial firms and chances are we will get the same results.