Rep. Judy Biggert sits on the House Financial Services Committee and is the ranking member on the Oversight and Investigations Subcommittee. So one might think she'd have a firm grasp on what regulatory measures need to be implemented to protect the economy from another collapse. But as we've seen in the past, Biggert is not the most comfortable explaining what financial instruments got us into this mess or what economic reforms could help get us out of it. So it's not surprising that a series of proposals she introduced last week to overhaul the financial regulatory system completely miss the mark.

The plan put forth by Biggert and several Republican colleagues makes clear that the caucus opposes future government bailouts, instead calling for a streamlining of the bankruptcy code to deal with troubled institutions. The Naperville Sun outlines some of the other proposals:

- The creation of a Market Stability and Capital Adequacy Board to close current regulatory loopholes, monitor interactions between the different sectors of the financial system, and identify risks that could endanger the system's stability.

- Fundamental reform of regulatory agencies, the Federal Reserve, and government-sponsored enterprises (Fannie Mae and Freddie Mac). To refocus the Federal Reserve on its core mission of monetary policy, it will be relieved of its regulatory and supervisory responsibilities and will be audited by the Government Accountability Office. Taxpayer subsidies for Fannie Mae and Freddie Mac will be phased out, ending the current system of privatized profits and socialized losses.

- Consumer empowerment and stronger anti-fraud enforcement, including increased penalties in government enforcement actions and provisions enabling regulators to aid in investigating and prosecuting violators of financial laws.

By focusing on Freddie and Fannie, the GOP is attempting to capitalize on the myth that the two government-sponsored enterprises were the originators of the subprime crisis. Also important to note, as the Washington Independent's Mary Kane did earlier this week, is the fact that the new Market Stability Board will have "absolutely no enforcement or oversight powers." And as Rep. Barney Frank, Financial Services Committee Chairman, told Bloomberg, Biggert's proposal failed to mention financial derivatives at all. The Hill's Silla Brush and Molly K. Hooper aptly summarizes the main purpose of the legislation: 

The party is sticking with its attack on government bailouts, but its argument on regulation appeals to the party base. Much of what it is calling for represents less new regulation — a contrast to its traditional allies in the financial community, who have urged greater oversight since last year.

By promoting fewer regulations, Biggert and crew are out of step with the American public. A poll conducted by Public Strategies Inc. and the Politico news organization in January found that a whopping 67 percent think federal regulation of businesses should be increased. A Pew Research Center poll in April found similar support.

Now is not the time to decrease oversight on Wall Street.  But apparently that's exactly what Biggert would like to see.