Congress is attempting to take industry regulation further in the wrong direction. In order to function effectively, banks need regulatory agencies that act on clearly defined authority and they need field examiners who are free to accommodate local conditions; what we have instead is ambiguity at the agency leadership level and field examiners whose hands are tied. Legislation under consideration in Congress would make the current upside down arrangement even worse.
The Consumer Financial Protection Agency and the Financial Services Oversight Council will be opaque political organizations, subject . . .
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