The new President's first legislative victory is in the record books. He has his stimulus plan. Happy President's Day, Mr. President!
The biggest domestic issue on his agenda now is the one that most impacts the concerns of this humble blog. The Obama administration and its allies in Congress will turn to an overhaul of the financial-regulatory system.
What does "overhaul" mean? Right now it means a swirl of different and contending ideas. Some would have the CFTC combine with the SEC into one agency, along the lines of the Financial Services Authority in the UK.
Some would have the banking regulators, too, brought into the recharting.
But, so that it won't be just a re-charting, most plans would involve a beefing up of money and people devoted to the enforcement of regulations and the pursuit of lawbreakers.
Here's a link to an article in the Wall Street Journal earlier this month reviewing some of the ideas and some of the participants.
My own view? Frankly I've completely lost confidence in my predictive abilities of late.
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