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Wall Street Reform, GM Tomatoes and Chemical Regulation

Daily Update

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Wall Street Reform, GM Tomatoes and Chemical Regulation

Obama is gives a speech today in New York on the need to reform Wall Street.

The Wall Street Journal reports on the debate over genetically-modified heirloom hybrid tomatoes.

The Senate may vote today on an amendment which would ban bisphenol A in food packaging.

1.  FINANCE

Obama is gives a speech today in New York on the need to reform Wall Street.

CEI Expert Available to Comment: Director of the Center for Investors and Entrepreneurs John Berlau on why Obama’s plan will hurt “Main Street” companies.

“Experts looking at the bill’s language see that the bill’s specific coverage of “nonbank financial companies” could mean taxation, regulation, and even possible nationalization for a wide variety of Main Street businesses, who would suddenly find themselves under the direct supervision of the Federal Reserve Board, the bill’s designated regulator for 'systemic risk.'”

 

2. FOOD

The Wall Street Journal reports on the debate over genetically-modified heirloom hybrid tomatoes.

CEI Expert Available to Comment: Senior Fellow Greg Conko on why heirloom hybrids are an example of progress through capitalism.

“Today, breeders are now able to give us both the superior taste of the heirloom varieties AND the robustness of modern cultivars–much like the tomato’s wild progenitor but without the deadly toxins. [. . .] That’s capitalism in microcosm:  Early innovations are almost invariably crude and expensive.  The next generation of those products is affordable for the masses, but often lack important refinements and features that earlier artisanal products displayed.  Finally, the pull of market demand and the push of increasingly sophisticated engineering permits the creation of high-quality products with all the bells and whistles, but cheap enough for everyone to enjoy.

 

3. SAFETY

The Senate may vote today on an amendment which would ban bisphenol A in food packaging.

CEI Expert Available to Comment: Director of Risk and Environmental Policy Angela Logomasini on why the vote could endanger our food supply.

“BPA–based resins line food containers—e.g., aluminum and steel cans—to reduce contamination of our food from rust, E-coli, botulism, and a host of other dangerous pathogens. Given that BPA has never produced a single adverse public health impact among consumers, even after 60 years use in packaging, this proposal is crazy and could undermine the safety of our food. I wrote more about his in a recent article for the Washington Examiner.”