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Financial regulation is usually born of financial disaster. The Panic of 1907--during which several big New York City banks actually did fail--led to the creation of the Federal Reserve. The Great Depression, unleashed by a market crash and countless bank runs, gave us the Securities and Exchange Commission, the Federal Deposit Insurance Corporation, and the Glass-Steagall Act separating banks from Wall Street. Now we're up to our elbows in another mess, albeit one that has yet to acquire a name for the ages. (Credit crunch? Subprime meltdown? Give me a break!) And so, as foreclosure follows...
Paulson's suggested regulatory revamp addresses this issue, sort of, by calling for the creation of a Conduct of Business Regulatory Agency with the sole responsibility of making financial businesses behave decorously. Far more catchy and to the point, though, is Harvard law professor Elizabeth Warren's year-old proposal--which Hillary Clinton has recently begun talking up on the campaign trail--for a Financial Product Safety Commission. It would be modeled on the Consumer Product Safety Commission, which keeps exploding toasters off the market. Such a body might stand in the way of financial innovation. But for consumers, that...
Also frustrating for both Drummey and Wallach has been the prolonged period between the album’s creation and its release...
...said that HUDS aims to provide food that is “the most acceptable to the greatest number of students,” while also balancing needs of specific individuals and supporting House life. These goals necessitate communication with and the involvement of students in decisions, and the creation of new lines of dialogue—such as a blog—when old methods fail...
...much regulation to impose is what if any effect the Treasury plan might have on the current crisis. The simple answer is none. The Treasury department says some modest short-term proposals in the plan can be implemented right away, but any of the larger reorganizing efforts, including the creation of the new regulatory bodies, are likely to take three to eight years to make it through Congress and into action...