Watch for the nomination of a new comptroller of the currency. The choice to succeed John Dugan, who leaves on Aug. 14, will be one of many indicators whether the financial reform legislation is going to have a meaningful impact on our severely damaged financial system.

Like many others, I believe that the financial reforms, for all their faults, are better than nothing. But the new law turns the spotlight on regulators with an intensity seldom seen in economic regulation.

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