Why is Congress wasting their time doing Kabuki theater on “Wall Street Reform”, when there is not a pressing urgency to do so? Why not? Because the executives that steered the financial boat onto the rocks need to be dealt with before any meaningful reform can be considered.
Those executives, first of all, violated their fiscal responsibility to protect stock holders' investment and to take no actions that they know will cause a fiscal loss to the corporation. But, they went beyond that into certified criminality.
When they pay higher fees to a rating agency and get higher ratings on their particular offerings, promote and sell stock they know to be tanking, set up dummy hedge funds to buy toxic assets then selling short at a large profit but leaving investors in the toilet or feeding false information to financial reporters, among a few transgressions - then they have committed acts of fraud, for which they raked in gigantic loads of cash .
Fraud, the last time I checked, is a criminal act and punishable if convicted; further, if you are working in concert with others, it's a criminal conspiracy and that falls under the RICO Act (Racketeer Influenced and Corrupt Organizations Act ).
So before Congress wastes more time on reform I would like to see a full scale investigation by the FBI's financial forensics teams and some prosecutions first – then there needs to be a "perp walk" on Wall Street so large they will need a parade permit. See how that will bolster investor confidence, when they see that the government (you know the "We the People" one) is serious about stopping this shit.