"Our Country!
In her intercourse with foreign nations may she always be in the right;
but right or wrong, our country!"

    --Commodore Stephen Decatur

Monday, March 15, 2010

That Watchdog Won't Hunt

The Washington Post reports that Senator Chris Dodd (D-CT) has released the details of his financial reform bill today.  One of its provisions would create a Financial Stability Oversight Council, consisting of the heads of existing financial watchdogs, which could recommend new regulations to the Federal Reserve to promote economic stability, but would not have any real power.  Below is a table showing the proposed composition of this toothless watchdog.

MemberNamePhotoAppointed ByConfirmed ByTerm
Secretary of the TreasuryTimothy GeithnerBarack ObamaSenatePleasure of the President
Chairman of the Federal Reserve Board of GovernorsBen BernakeGeorge W. BushSenateFour Years
Comptroller of the CurrencyJohn DuganGeorge W. BushSenateFive Years
Director of the Office of Thrift SupervisionJohn E. BowmanBarack ObamaSenateFive Years
Director of the Consumer Finance Protection AgencyPosition Created by Financial Reform BillN/ABarack ObamaSenateFive Years
Chairman of the Securities Exchance ComissionMary L. SchapiroBarack ObamaSenateFive Years
Chairman of the Commodity Futures Trading CommissionGary GenslerBarack ObamaSenateFive Years
Chairman of the Federal Deposit Insurance CorporationSheila BairGeorge W. BushSenateFive Years
Director of the Federal Housing Finance AgencyJames B. Lockhart IIIGeorge W. BushSenateFour Years

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