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Simon Johnson: We're Dropping The Ball On Financial Regulation

Simon Johnson: We're Dropping The Ball On Financial Regulation
Maxwell Strachan
By 

Senior Reporter, HuffPost

WASHINGTON - APRIL 9: In this handout image provided by the IMF, International Monetary Fund's Economic Counsellor and Director of Research Simon Johnson speaks along side Charles Collyns (C), Deputy Director of the Research Department and William Murray (R), Division Chief of External Relations during a news conference of the World Economic Outlook Press Conference at the IMF Headquarters April 9, 2008 in Washington, DC. The IMF claims that global growth will decelerate in 2008 due to the slowdown of the economy in the United States. (Photo by Michael Spilotro/IMF via Getty Images)
WASHINGTON - APRIL 9: In this handout image provided by the IMF, International Monetary Fund's Economic Counsellor and Director of Research Simon Johnson speaks along side Charles Collyns (C), Deputy Director of the Research Department and William Murray (R), Division Chief of External Relations during a news conference of the World Economic Outlook Press Conference at the IMF Headquarters April 9, 2008 in Washington, DC. The IMF claims that global growth will decelerate in 2008 due to the slowdown of the economy in the United States. (Photo by Michael Spilotro/IMF via Getty Images)

With regard to financial reform, the outcome of the November election seems straightforward. At the presidential level, the too-big-to-fail banks bet heavily on Mitt Romney and lost; President Obama received relatively few contributions from the financial sector, in contrast to 2008. In Senate races, Elizabeth Warren of Massachusetts and Sherrod Brown of Ohio demonstrated that it was possible to win not just without Wall Street money but against Wall Street money.

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