There's lots that could have been better about the financial reform bill - I have my own views on the right way to handle resolution authority, the leverage caps could be stronger (though I think they are coming through the Collins Amendment and Basel III), and the systemic risk regulation council approach to coordinated oversight could amount to precisely nothing. But passing legislation is an exercise in the art of the possible, and the act moves a lot of shadow finance into the light, where supervision is at least possible. It starts down the road of rationalization in insurance, in coordinated supervision, and it embraces the globalization of finance by globalizing many of the rules by which banks must pay. I like incremental reform, and I'm impressed by everything that is there. So I think the President should be glad to be able to be in this picture.
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