Employment and Financial Reform: Earth to Congress

Despite the fact that I often comment on politics and government ( to bring issues involving the workplace and employment law into the discussion), I’ve tried to be non-partisan about it. Some readers may not agree that I’ve always pulled that off, but it has been my intention. I find that the older I become, the more independent I am.

This post isn’t meant to depart from my non-partisanship nature, but I must say that I’m mystified by the Republican opposition to President Obama’s legislative proposal to tighten regulation of our nation’s financial system. If you’re a regular reader of this blog, you know how opinionated (not partisan) I’ve been in addressing the great recession and what caused it.

A year ago, everyone decried Wall Street’s role in decimating many employers and putting many employees out of work. Financial reform couldn’t come too soon. To hear some politicians and bankers talk now, it’s though nothing happened at all. While big bonuses for the executives of big banks and other businesses have amazingly returned with a vengeance, many employers still struggle to keep their doors open and often complain that banks won’t give them the time of day when they ask for a loan. And millions of workers remain unemployed.

Just as there was a need for new regulation after the Great Depression, there’s need for it now. As even Alan Greenspan recently admitted to Congress: “Those of us who have looked to the self-interest of lending institutions to protect shareholders’ equity (myself especially) are in a state of shocked disbelief.” Financial reform is essential to stabilize employment for the benefit of employers and employees. Millions of workplaces are counting on it. I don’t know if it’s possible for a modern politician to be what was once called a “statesman,” but for the love of God and America, try just this once.