Financial reform rule-making continues its slow progress
In the first, a Wonkblog interview with Sheila Blair, the former director of the Federal Deposit Insurance Corporation, we get an informed look at how the reforms are likely to play out in the banking industry. Blair offers some refreshing clarity about the ways that the emergency financing available from the FDIC going forward will be very different than the bail-outs we saw in 2008, as well as some realistic discussion of the challenges of applying domestic fixes to a banking economy that is clearly global.
The second is an article in The American Prospect, which provides a bit of a primer (and many outgoing links to other articles) on recent developments. While noting the widespread concern about Wall Street lobbyists watering down Dodd-Frank behind closed doors, this piece raises concerns about the swing vote on the Commodity Futures Trading Commission’s 5-person governing team, Democratic appointee Mark Wetjen, who has sided with the two Republican appointees on some key 3-2 votes about new rules, and may be in line to be the new chair of the CFTC. It’s very “inside baseball,” but if you like that sort of thing, it’s worth a read.
BONUS: For the extreme policy geeks among you: a long, detailed piece from the Washington Monthly (published in March) goes deep into what it calls “the seventh circle of bureaucratic hell” of Dodd-Frank rule-making. Great stuff.
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