Every week now, because reporters need to write stories and because interested parties want to leak proposals they like or trash proposals they dislike, we get another story of the behind-the-scenes developments going on as lawmakers and the White House look at how to implement financial regulatory reform. This week’s story, from The New York Times‘ Stephen Labaton, notes that:
the Obama administration prepares to overhaul the regulatory apparatus that failed to prevent the gravest economic crisis since the Depression. Under consideration is a new agency to regulate mortgages and credit cards, as well as tighter federal oversight of hedge funds and insurance. One possibility is creating a regulator to watch over companies that might put the financial system in peril again should they run into trouble.
If you care about this stuff enough that you want to see the weeds before we even know what the garden looks like, it’s an interesting piece worth checking out. Otherwise, wait for U.S. Rep. Barney Frank’s committee to actual begin debating its proposal.
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Chris Geidner is the senior political writer at D.C.'s Metro Weekly and has written for The Atlantic Online, Advocate.com, Salon and other publications, as well as at his blog, Law Dork. Prior to moving to D.C. in 2009, he served as an attorney on the senior staff at the Ohio Attorney General's Office and had earlier worked for a leading Columbus law firm. An extended biography can be found