Fin Reg, fin

Financial Regulatory Reform is now law. President Barack Obama signed the bill into law Wednesday, and what a reception. You would think that reforming the big financial institutions would be really popular with the average American. I mean most Americans think the bailouts were a bad idea according to a recent rassmussen poll.

http://www.rasmussenreports.com/public_content/business/federal_bailout/july_2010/voters_still_think_bailouts_were_a_bad_idea

But only 46% of americans serveyed wanted stricter controls of large banks and financial institutions. While the mention of Wall Street incread the number to 50% that favor stronger controls.

http://thehill.com/blogs/on-the-money/banking-financial-institutions/93433-a-majority-of-americans-support-financial-regulatory-reform-poll-says

But with that being said I am surprised that the number is not higher. I mean every american knows how bad the economy is. Many are out of work and even more know someone who is looking. Yet only half of the country wants these problems to be fixed.

Maybe it is the distrust of government that has pushed the numbers down. Maybe its the fact that the bill is just about 2400 pages and god only knows whats in it. After reading the 17 pages of detailed summary I made it to the last couple of paragraphs and I may have found a reason why people are correct to be concerned about this reform. Now, I do not expect that many people have read the detailed summary. Even among the media I would be shocked if many have read this summary because if I were in the media I would have reported on the last piece of the bill. So what is in the last section of the bill? It is about the Democratic Republic of the Congo's mineral rights. I was an economics major in college and I took a couple of finance classes but we never covered the impact of Congo's minerals on our financial system. Just put the congo section into another bill and pass that. I am on board with almost this entire bill but adress the causes of the financial collapse like the housing market. Congo should have no part in this law. Unless, If only I hadent built my house of Blood Diamonds we never would have had that financial Crisis.

Congo Conflict Minerials:

Manufacturers Disclosure: Requires those who file with the SEC and use minerals originating in the Democratic Republic of Congo in manufacturing to disclose measures taken to exercise due diligence on the source and chain of custody of the materials and the products manufactured.

Illicit Minerals Trade Strategy: Requires the State Department to submit a strategy to address the illicit minerals trade in the region and a map to address links between conflict minerals and armed groups and establish a baseline against which to judge effectiveness.

I found this section in a 17 page summary. Imagine whats in 2400.