FDIC's Bair weighs in on financial regulation

Sheila C. Bair, chairman of the FDIC, has an Op-ed in the New York Times supporting President Obama's call for a new regulatory network for banks and other financial providers.

"THE Obama administration has proposed sweeping changes to our financial regulatory system. I am an active supporter of the key pillars of reform, including the creation of a consumer financial protection agency and the administration’s plan to consolidate the supervision of federally chartered financial institutions in a new national bank supervisor. This consolidation would improve the efficiency of federally chartered institutions while not undercutting our dual system of state and federally chartered banks."

Bair then outlines the advantages of the Obama plan over other plans that have called for a single regulatory agency.

What concerns me is that Bair has been wrong before, most notably about the mortgage modification debacle. And when she says, "this is not about protecting turf. This is about protecting consumers and the safety of our financial system," my first urge is to run for the hills.

Read the full article, The Case Against a Super-Regulator.

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