An editorial in today’s New York Times perfectly captures what is really going on with a package of bills moving quickly through Congress with bipartisan support:

“House Republicans, Senate Democrats and President Obama have found something they can all support: a terrible package of bills that would undo essential investor protections, reduce market transparency and distort the efficient allocation of capital.”

That’s a lot of bad things to do with one package of bills, but it’s dead accurate.

The editorial quotes leading securities law professor, John Coffee, Jr., who has noted that just one of the bills in the package is effectively a “Boiler Room Legalization Act.”

Read the full editorial here.

Another terrific discussion of the bills and what they will really do was in the San Francisco Chronicle here.