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Check out Eliot Spitzer´s latest column for Slate.com, published today. In it he briefly outlines a problem with the Federal Reserve Bank of New York: its lack of independence from Wall Street and the absence of representatives of "the public" on its board. The column mostly focuses on the board´s structural problems, but at the end Spitzer rattles off a list of alternative potential board members whose participation could improve the New York Fed´s impartiality.
May 18
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After months of fighting, the Commodity Futures Trading Commission and the Securities Exchange Commission appear to have won a significant victory in their battle for more authority over credit derivatives. The new plan proposed by Treasury Secretary Timothy Geithner to regulate derivatives, including the infamous credit-default swaps, gives oversight power to the CFTC and the SEC and largely ignores the Federal Reserve Board, which had been angling for a slice of power.
May 13 -
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- BankThink More live blogging from the Senate Banking Committee's "too big to fail" hearing
The Senate Banking Committee is holding a hearing on how to regulate institutions that are too big to fail. The first panel, on which Federal Deposit Insurance Corp. Chariman Sheila Bair and Federal Reserve Bank of Minneapolis President Gary Stern testified, addressed the timing and composition of a systemic resolution authority. Now the second group of witnesses has assembled at the table.
May 6
