Regulatory consolidation is the Vietnam of bank legislative issues. In 1991, at the height of its power, the Bush administration tried to merge the bank supervisory agencies, and was brought down low.

The Clinton Treasury Department entered the quagmire three years later, and came out tattered and bruised. With so much history arguing against another run at consolidation, it's a bit surprising to see that nearly everyone with a shred of political power is suddenly jumping on the consolidation bandwagon.

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