POLITICS

The Bank-Friendly Eighth Governor of the Fed

07/31/2013 09:45 pm ET
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The debate over whether Janet Yellen or Lawrence H. Summers will be the next Federal Reserve chairman — or some dark horse, Timothy F. Geithner perhaps? — is doubtlessly important.

But few outside the arcane world of banking rules understand that on matters of financial regulation and reform, the Federal Reserve staff is just as powerful, maybe even more.

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