Welcome back to GGM News and Advice’s Monday News Roundup, where we scour the internet to find news articles and blog posts that are important to small business, sum them up, and then give them our own spin!

Another week come and gone – man, they seem to fly fast sometimes, don’t they? And what an interesting week it’s been. The white house, reeling from last Tuesday’s election of Republican Scott Brown (R-Mass), seems to be making a push to make job growth and the economy their flagship issue, instead of healthcare, and Federal Reserve chairman Ben Bernanke has found himself embattled, with dire questions looming over the possibility of his upcoming reconfirmation.

All this and more, after the break!

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URGENT: Obama proposes “Volcker” plan to reign in banking industry

Breaking Now:

+ Includes size and complexity limits on proprietary trading by commercial banks
+ New rules, regulation, and oversight to decrease pass-through risk to customers and shareholders
+ Return to Glass-Steagall style separation of commercial and investment banks
+ “Banks no longer allowed to own and run hedge funds for their own profit”

What’s Missing?

Yes, Wall Street is corrupt and greedy. Yes, some mortgage brokers were and are corrupt and greedy. Should those two industrys be reformed? Almost certainly.

But what’s missing from this equation? How about the third leg of the stool that collapsed out from under us: Government. A major part of the housing crisis was played through grossly negligent and sometimes almost criminal lending done on the part of Fannie Mae and Freddie Mac – at the behest of the United States executive and legislative branches during their push to ensure 100% home ownership across the nation. [Source: http://bit.ly/5tCdQC]

OF NOTE: It should be noted that, as yet, 100% of the above exists only in the form of proposed legislation not yet passed completely by either the House or the Senate.

This post is currently being edited. Updates throughout the day as information comes through.