The Bush administration's proposed regulatory reform has been roundly (and rightly) ridiculed as nothing more than rearranging deck chairs. But wait till you see their plan for reforming international financial regulations!
[Bush and UK Prime Minister Gordon Brown] are setting up a joint working group which will develop plans to monitor and regulate the banking system.Basically, their plan is to set up a committee to come up with a plan. Of course, any plan that this "joint working group" would come up with would be subject to state approval. And keep in mind that this "joint working group" is only a proposal. So what we're left with is this: a proposed plan to set up a committee to recommend a plan that the various countries will consider approving. That's what I call decisive action!