The Treasury Building adorns the back of America’s useless currency

The US Treasury Dept. rolled out their proposal for a major overhaul of the American banking system today. The plan, championed by Treasury Secretary Henry Paulson, calls for the creation of new regulatory bodies to oversee “risky practices” on Wall Street. We won’t bother going into the details of the plan for this reason: it’s never going to happen. It’s already dead in the water. “Since this is opening day in baseball, I might as well make a baseball metaphor,” Sen. Chris Dodd told the New York Times. “This is a wild pitch. It is not even close to the strike zone.”

The White House however, is eager to see the changes made into law, arguing that it’s not at all like this is some plan that they just made up yesterday. “Secretary Paulson has been working on this package for about a year, so it’s not like pulling a rabbit out of a hat,” White House Press Queen Dana Perino said at the press briefing today. Wow, Dana, that is a relief. You guys saw this one coming a mile away!

But even Secretary Paulson has his reservations. “Some may view these recommendations as a response to the circumstances of the day,” Paulson said today. “That is not how they are intended.” He doesn’t think Congress should act on his recommendations until after the crisis is over and possibly a new president is in place. He can rest his weary head on that one. This adorable little plan is no danger of becoming law.

Treasury Rolls Out Overhaul of Financial Regulators [New York Times]
Crossposted from WhiteHouse.com