Payment-System Equality Figures in Financial-Equality Debate
Although today’s Senate Banking hearing on Wall Street’s role was poorly attended, it nonetheless captures the theme Chairman Brown (D-OH) intends to guide his work this Congressional session: “Wall Street” incentives adversely affect equity, equality, economic growth, and social welfare and thus require structural, sweeping reform. Ranking Member Toomey (R-PA) views this as an attack on capitalism, capitalism that he says ensures strong growth without an undue government role. Given that Sen. Brown’s opening statement directly censured some unnamed senators, it seems unlikely that committee leadership will resolve their differences in bipartisan legislation.