If the Wall Street reforms enacted under Obama are as weak as many of us thought, why are Wall Street and the Republicans fighting so hard to sabotage them? The latest example of their efforts is the filibuster of Richard Cordray’s nomination to head the Consumer Financial Protection Bureau. Several Republicans conceded that he was not rejected because he wasn’t qualified, but because they want to weaken the powers of the agency.

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Charles Peters is the founding editor of the Washington Monthly.