Opinion - Financial reform czar: Three skills she'll need to succeed
Author: Paul Light, Washington Post
Jul 29, 2010
"The first director of the newly created Bureau of Consumer Financial Protection will have one of the toughest jobs in government. He or she will be responsible not only for reassuring investors that financial products will be "fair, transparent, and competitive," but also for monitoring implementation of a new slate of financial regulations.
The new director will work within the Federal Reserve System, but will head an independent bureau. He or she will enter office with a five-year term, and will be removable only for cause, both of which provide significant protection against partisan retribution. Given the tough choices needed to regulate large banks and investment houses, the protection is essential. The industry will fight anything that threatens their independence, and will use every lobbying tool in the kit at every level of the federal government and in Congress."
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"We are at a defining moment in the debate about financial reform. It's been two and a half years since the crisis started. It's been nine months since President Obama first laid out a proposal for comprehensive reform. And it's been three months since the House of Representatives passed a major reform bill. This is an enormously complicated issue. We have to get it right."
