Mr. Paulson said on Monday that he did not expect the bulk of the plan to be adopted during the current administration — and he recommended that Congress not even consider adopting most of it until after the housing and credit crises ended. That could take many months, perhaps not until Congress all but shuts down for the elections in the fall.
“Some may view these recommendations as a response to the circumstances of the day,” Mr. Paulson said. “That is not how they are intended.”
While the plan promotes a long-term goal of reducing the alphabet soup of agencies that regulate financial institutions, in the shorter run it may achieve the opposite effect.
...
But other than those relatively modest proposals, most elements are not likely to be adopted anytime soon, if at all. Senior lawmakers, while praising the administration for raising important issues for discussion, said the odds were long for a major overhaul in the remaining days of the Congressional session.
“Since this is opening day in baseball, I might as well make a baseball metaphor,” said Senator Christopher J. Dodd, the Connecticut Democrat who heads the Senate banking committee. “This is a wild pitch. It is not even close to the strike zone.”
http://www.nytimes.c...amp;oref=slogin
Edited by milbank, 31 March 2008 - 09:40 PM.
