Key vacancies give Obama a chance to steer financial reform
Author: Binyamin Appelbaum, Washington Post
Mar 08, 2010
"President Obama has the chance during his first term to appoint leaders for each of the federal agencies that oversee banks, an important opportunity to reshape the government's approach to regulation even as the White House struggles to push structural reforms through the Senate.
In his first such decision, Obama chose to keep Ben S. Bernanke as chairman of the Federal Reserve, in part because administration officials concluded that Bernanke had demonstrated a commitment to increasing the Fed's focus on regulation and consumer protection. The administration also appointed a second Fed governor, Daniel K. Tarullo, to lead an overhaul of the central bank's approach to regulation.
A second opportunity comes in August, when John C. Dugan reaches the end of his term as comptroller of the currency, the chief regulator for most of the nation's largest banks."
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"Meaningful reform of our financial regulatory system is finally within reach. The opportunity to pass such a comprehensive overhaul may not come again in our lifetimes."
Source: Sheila Bair, Chair, FDIC
