This is an opinion item.
| Author(s)
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The Wall Street Journal editorial board
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| Source
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The Wall Street Journal
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| Date
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June 28, 2010
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| URL
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http://online.wsj.com/article/SB10001424052748703615104575328993006115992.html
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| Quote
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"The Treasury, which bailed out institutions willy-nilly without consistent rules, will now lead the Financial Stability Oversight Council that will have the arbitrary power to define which financial companies pose a "systemic risk" and which can be shut down without recourse to bankruptcy. Willy-nilly will now be the law. And the SEC, which created the credit-ratings oligopoly and missed Bernie Madoff, will get new powers to decide how easy it should be for union pension funds to get their candidates on corporate proxy ballots."
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This item argues against the position Act should be passed on the topic Restoring American Financial Stability Act.
