“IN THESE efforts we seek a careful balance,” Barack Obama declared as he unveiled his financial reforms on June 17th. Not equitable enough for some, it seems. With lawmakers, regulators and bankers blowing raspberries at crucial parts of the package, the odds are moving against its becoming law by the end of the year, as originally envisaged. Worse, passage looks increasingly dependent on the most contentious bits being rewritten.
The Treasury’s work rate cannot be faulted. It has sent hundreds of pages of proposed legislation to Congress in recent weeks on pay, securitisation, hedge funds, rating agencies and more. The final piece, on derivatives, is expected soon. The House of Representatives was expected to approve the compensation bill, curbing egregious pay-offs and giving shareholders a vote on pay, on July 31st.