[L,TOWM]

I did not see anything here about repealing the Rule 3A expemtion in the '40 Act, but that has to be one of the first things Congress will "fix".

[mysterio]

Just print more money, Ben. That’ll fix it.

[Oldpuppymax]

“...in a speech to the Council on Foreign Relations.” Somehow I figured Bernanke would be a big guy in their fold.

[kellynla]

Bone-head Bernanke....

where do they find these clowns...

[Right Cal Gal]

Repeal the CRA, numbskull — that’d be a start.

[smokingfrog]

Bernanke's speech to Council on Foreign Relations

Somehow, I don't think that giving more power and oversight to the Federal Reserve is the solution...

[BillT]

Wait, How can you “overhaul” something that was not there and caused the financial meltdown?

[villagerjoel]

So did Bush, but the Democrat congress didn´t agree with him.

[Zebra]

As a prelude to regulatory reform, how about starting with an inquiry as to why the SEC scuttled the uptick rule at the top of the market in July of 2007? I believe that the origin of that rule was right after the Great Depression to curb some of the worst abuses that contributed to the depth and severity of the market collapse. Following the repeal of the uptick rule, the Dow lost over half of its value in just over 19 months.

The elimination of this long-standing rule allowed opaque and lightly regulated hedge funds to pile on financial and other stocks without any mechanism for relief. Combined with naked shorting, this--as much as the absurd mark-to-market rules--exacerbated the loss of wealth associated with this recession.

I would like to see the meeting minutes that contained the advocacy positions for this rule change and who initiated and supported it. I would like to see the so-called studies that were relied upon (and who commissioned them). I would like to know if the proposed repeal was vetted with business leaders and non-hedge fund money managers.

I would like to see an analysis of the post rule change market dynamics and what conclusions regarding the rule's repeal are supported.

I believe some hedge funds profited outrageously at the expense of most Americans because of the repeal of the uptick rule.

[Ernest_at_the_Beach]

Just posted text and link to the CSPAN Video of the speech and Q & A...:

Financial Reform to Address Systemic Risk: Speech by Fed Reseve Chairman Bernanke ( Video link)