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Ryan and Romney
Paul Ryan and Mitt Romney (Darren Hauck/Reuters)
Any time now, we're finally going to see some specifics from Mitt Romney on health care reform and financial regulation, says his top economic adviser, Glenn Hubbard. In the meantime, we've got a little preview, and the main focus will be trying to undo those parts of the Dodd-Frank financial reform law that have any teeth.
For example, he said Mr. Romney would propose:

–replacing the new system for dismantling failing financial companies that was created as part of the 2010 Dodd-Frank financial overhaul law with a new system, which he declined to specify.
–a new system of consumer financial regulation that either moves the new Consumer Financial Protection Bureau outside of the Federal Reserve or breaks up the new agency and places the powers within existing financial regulators. [...]

All of this is taking the lead from House Republicans, and specifically Rep. Paul Ryan, who seems to be calling all the shots in Romney's policy formation, such as it is. For example, the Ryan budget protects too-big-to-fail banks by undoing the government's resolution authority—that system for dismantling failing banks that Romney wants to dismantle. Dodd-Frank makes sure that taxpayers won't be on the hook again to save a failing big bank. Ryan and Romney would put us right back on that hook.

Likewise, Ryan would break up the Consumer Financial Protection Bureau, bringing it under congressional control in order to make it as ineffective as possible. Because the last thing Ryan, and Romney, want is for regular people to have any kind of protection from the banksters and financial sharks. Not if it's going to get in the way Wall Street's profits.

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