News coverage of the Senate's confirmation of Congressman Mel Watt on Tuesday to head the Federal Housing Finance Agency (FHFA) was all about politics, not the housing or banking issues he now has to address.
She now has an opportunity to show that she also has the strength of character to lead this often-fractious agency in these difficult and challenging times. Nothing less than the safety and integrity of our capital markets depend on the choices she makes.
We not only need to rein the banks in but we've got to delegate the responsibility for measuring household wealth -- and hopefully come up with ways to boost it -- to an agency that's more in touch with "the 99%."
In a little noticed vote, the Commodity Futures Trading Commission reversed course last week on a rule that had the potential to save cities and school districts across the country billions in excess costs on the swaps they purchase to hedge their interest rate and other risks.
With the bankers all over Capitol Hill advocating for these reforms, it is entirely unnecessary that anyone else do so. There is no need to find out more about the bill, or to contact your congressman.
Dodd is expected to release the financial reform bill this week. Since legislation usually doesn't get any better after it is introduced, if we are going to get a strong, independent Consumer Financial Protection Agency, we have to act now.