03/18/2010 05:12 am ET | Updated May 25, 2011

Banking Sector Fix In Six Steps: Roger Lowenstein

Financial reform seems to be flailing. Legislation has been proposed, but it is complicated and diffuse. Most of the proposed fixes are incremental changes that don't seem likely to prevent a future bubble.

The House and Senate are squabbling over which federal agency should take the lead in supervising banks. The administration, as well as the Congress, have fallen into the trap of trying to fix everything. Instead, they should agree on the most important remedies.