Biden: Will ‘Take Time’ to Understand Financial Reform

By Evan Harris

Jul 16, 2010 6:29pm

In my exclusive interview with Vice President Joe Biden, we discussed the disconnect between the public’s support for the president and his policies and the White House’s argument that it has pushed major changes that will benefit the nation – from the stimulus bill to health care legislation to the Wall Street reform bill that passed the Senate this week.


“The financial industry spent hundreds of millions of dollars lobbying against this,” the Vice President told me, proud that extensive lobbying efforts did not derail this legislation or the health care reform bill which became law earlier this year. According to the financial industry, Biden said, “this is an awful thing, it’s government regulation.”


The Wall Street reform bill – which among other things creates a consumer financial protection agency, enables the government to dismantle failing firms, and increases transparency in the derivative market – is essentially a reversal of Republican financial policy according to the Vice President.  “All it is, is rational control and the turning around of what the Republicans did, which is let Wall Street run wild.”


Although convinced that the financial reform bill will have positive implications for the American public, Vice President Biden cautioned that the general public does not yet know how it will affect them. 


“When you say to people, you know, ‘We just went out and had a regulatory reform,’” the vice president said, “where I come from, it’s like, ‘OK, what does that mean? They don’t know what it means yet, understandably.”


Be sure to tune into to “This Week” on Sunday for the rest of my exclusive interview with Vice President Joe Biden.


WATCH VIDEO HERE:

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