Things turned Orwellian in the House Financial Services Committee this week when members - with the backing of the White House - passed an investor protection bill that would make it all too easy for thousands of publicly traded companies to cook their books. While the bill offers investors important protections ... an amendment was added to permanently exempt smaller public companies (worth less than $75 million) from a post-Enron auditing requirement. It passed with votes from 28 of the committee's 29 Republicans (one was absent) and 9 Democrats. All clearly were more interested in pleasing corporate constituents than protecting investors who, last time we checked, are also constituents. While President Obama and Democratic leaders say they are committed to more transparency and regulation over derivatives - the complex instruments that were at the heart of the financial crisis - they are supporting a dangerous exemption for big businesses in the derivative reform bill pending in the House. Another House bill to protect consumers of financial products has concessions for big and small banks alike. It appears that the administration will support those concessions, too. Mr. Obama and his aides have said repeatedly that they are committed to closing the regulatory gaps that allowed the financial system to spin so dangerously out of control. They need to do a lot more.