The financial crisis has produced a bevy of reform proposals. As with health care, every relevant regulatory agency, congressional subcommittee, trade association, think tank and pundit has a plan, including the most comprehensive one of all from the Obama administration.
The Treasury released its broad but tepid proposal nearly four months ago. It has since languished in neglect, causing Treasury Secretary Geithner to proclaim periodically, like a character from Monty Python, that the reform proposal was not dead. President Obama tried to revive it last month on the anniversary of Lehman Brothers' demise, and House Financial Services Chairman Barney Frank vows action by the end of the year, but we'll see. Financial services regulatory reform doesn't bring out committed partisans to town hall meetings like health-care reform, nor does it inspire great political activism.