A Common Sense Solution for Financial Reform: Credit Risk Retention
Jacob Wolinsky submits: Since the subprime crisis began, many people have offered ideas on the best way to reform the financial system. Since the crisis has many different causes various proposals have been raised, to try and prevent this crisis from occurring in the future. Some of these ideas have included a consumer protection agency, strict loan standards, and the regulation of credit default swaps. To be honest I have stopped following the various proposals for some time now. Like the health care bill currently being debated in Washington the details are being changed constantly to try to secure enough votes for passage. However, I remember hearing a proposal several months ago that I thought would be an excellent idea. The proposal is titled the Credit Risk Retention Act of 2009. I will…(read more)
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