In President Obama’s second term, financial regulation would finally appear to have the leverage.
Wall Street spent zillions on Mitt Romney, who had promised to roll back financial reform, and lost. Elizabeth Warren now sits in the world’s greatest deliberative body. With the election behind us, regulators are likely to be less intimidated by the specter of being hauled in front of Congress and yelled at, especially by House Republicans.
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Surely, reformers can now ride in and save the day, right?
Alas, no. While the rule making will speed up, the core problems with the financial system and its regulators are deeper than personnel and sadly impervious to which party occupies the White House. They are bipartisan and structural.
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