Before you hit the snooze button, I want to point out a fascinating debate that’s taking place over financial reform. Here’s where we stand. The House passed its bill in December. The Senate recently passed its bill out of committee, and it now awaits a floor vote. Two weeks ago David Leonhardt had an easy to read rundown on the issues. The package has five main components: resolution authority to take over insolvent investment banks, a Consumer Products Safety Commission, higher capital requirements, the bank tax to “pay for future bailouts,” and the Volcker Rule banning banks from trading for their own benefit, not their customer’s.