Sunday, June 28, 2009

Points of View - Financial Regulation

A Unified Bank Regulator Is a Good Start - By Jamie Dimon, Chairman and CEO J.P. Morgan Chase & Co. - The Wall Street Journal - "With clear signs of stability returning to the U.S. financial system, this is an appropriate time to look ahead to the rebuilding process and to the steps that must be taken to prevent the recurrence of another such crisis. The restoration of our financial system to health does not give anyone the permission to return to 'business as usual.'"

On the Road to Regulation - The New York Times - "The Obama administration’s financial regulatory reform proposal has had an inauspicious start. First, lawmakers from both parties gave it a lukewarm reception in the Senate Banking Committee when it was released nearly two weeks ago. The House Financial Services committee has postponed its hearings until after the July recess."

Obama and 'Regulatory Capture' - By Thomas Frank - The Wall Street Journal - "The reason why those who see economic regulations as akin to tyranny often win policy debates is because they have a fiery argument with visceral appeal. Those who try to sell the virtues of the supervisory state tend to favor the passive voice. They don't do fire. They do law review. The situation ought to be the reverse today. We have just come through the most wrenching financial disaster in decades, brought about in no small part by either the absence of federal regulation or the amazing indifference of the regulators."

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