Tough luck for financial consumers

The Indian financial sector and its regulation are heavily influenced by the West, especially the US

Last Thursday, a new Bill, Financial Choice Act, was passed by the US House of Representatives. The Bill, which will now be debated in the Senate, is a frontal attack on the Obama-era financial regulations, created to prevent a recurrence of the horrendous losses and pain inflicted by the global financial crisis, with the US as its epicentre. That crisis was caused by mutating risky home loans into a stream of toxic derivatives in the labs of global investment banks and were then gleefully traded by testosterone-fuelled traders, blinded by greed. The result was a massive destruction of wealth across