Today's passage of financial reform in the Senate by a vote of 60-39, and the news that the president will sign the bill by the end of the day, caps a remarkable run; In the past two years, the sheer magnitude of legislation that the president and his congressional allies have passed marks one of the most productive legislating periods in recent history. A major fiscal-stimulus bill that invested in key areas of the economy, an overhaul of the U.S. health-care system providing universal coverage and cutting costs, and a similarly comprehensive reform of the country's financial-regulation apparatus that limits risk and protects consumers. This is not even mentioning a passel of important but smaller-scale legislation. As Kevin Drum pointed out earlier today, this could mark the end of President Obama's major legislative agenda, at least for the rest of his current term in office; it's possible that dreams of a serious energy or immigration bill could be realized in the next Congress, but more likely any congressional movement will be smaller-scale given the inevitable weakening of Democratic majorities next year and the potential for Republicans to gain a majority in the House during the midterm elections. Drum waxes pessimistic, suggesting that these landmark efforts are "watered-down" and that appreciating them could be a sign that liberals can't succeed in the United States. This is wrongheaded, as Matt Yglesias points out here. Last night, talking about the role of the progressive blogosphere, several folks asked what kind of responsibility the progressive community owes to the Obama administration, especially with people going around saying that all liberals are "disappointed" in the Democrats. My view is that progressives have been very good at critiquing this administration's mistakes -- it's worrisome national-security policies, its self-defeating rhetoric about deficits, its slow movement on DADT, it's inability or unwillingness to champion progressive ideas like the public option or breaking up the banks. That shouldn't stop. But we need to recognize what has been accomplished and laud it so that our criticism is not counterproductive. Universal health insurance, for one. A financial-reform bill that is strong and will make our financial system safer if it is well-implemented. These responses, and taking them from idea to legislation to execution, are what governing is all about. The left shouldn't limit its ambitions or stop pressing the administration. But we shouldn't be disappointed in what we've gotten, either, or fail to recognize the very real political costs the administration and Congress have paid for what are important structural reforms. This is an administration that has not been in office for two years, and there is time ahead for progressives to push more policies that matter. Sen. Ted Kaufman, who was a key figure pushing to break up the banks and strengthen the financial-reform bill, said it well in his statement following the legislation's passage. While he criticized the bill for its lack of hard rules and weakened provisions, he concluded that "given the makeup of the Senate and the requirement of 60 votes, this was the best bill that could pass ... [but] for those who wish the bill was stronger, let there be no confusion about where the blame lies. It is because almost every senator on the other side of the aisle did everything they could to stall, delay, and oppose Wall Street reform.”
-- Tim Fernholz
