(Bloomberg) -- Members of Congress are plumping their feathers, holding press conferences and congratulating themselves for a job well done.Not that they need an excuse. This time, though, they're celebrating the completion of a draft bill to overhaul the financial regulatory system.
The proposed legislation from the House Financial Services Committee, under the leadership of Massachusetts Democrat Barney Frank, would create a council to monitor systemic risks. The council would identify firms that are too big to fail and subject them to enhanced oversight. The legislation would establish a process to wind down troubled non-bank financial institutions in such a way as to minimize the burden on taxpayers.