Reform, Part II

There's a very good editorial in today's Courier-Journal:

As the Senate Democratic leadership skillfully peeled off three crucial Republican votes last week to assure financial reform would have the 60 votes needed to achieve the super-majority necessary for passage, Senate Minority Leader Mitch McConnell of Kentucky complained about a "government-driven solution" to problems in the economy's financial sector.

Well, yes. That is precisely why financial reform -- like health care reform before it -- is a potentially transformational moment. Both represent decisions by the people's elected representatives to employ public power to protect citizens from often unregulated actions by vast and powerful business interests that can have devastating effects.

...Passage of the bill is only a first step, however. Complex regulations to implement its provisions must now be written, and financial sector lobbyists, who shelled out almost $600 million to weaken the reform bill, will push hard with their Republican allies for ineffective or unenforceable regulations.