As is true after virtually every period of financial turmoil, Congress is considering significant changes in the regulatory matrix governing the banking industry. It is difficult enough for Washington banking insiders to follow the bouncing ball on proposed legislation; from the vantage point of a typical bank director it must be close to impossible.

Virtually every piece of the federal government regulatory apparatus was created in response to a real or perceived financial crisis. The greater the perceived financial crisis and the more specific the causes, the greater the likelihood that Congress will legislate.

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