“Some of the biggest U.S. investors and two former top securities regulators warned that a ‘tarnished’ Federal Reserve should not be put in charge of preventing systemic risk in the financial system, a central plank of the administration’s response to the credit crisis. The Investors’ Working Group, representing some big money manager firms and led by former Securities and Exchange Commission chairmen William Donaldson and Arthur Levitt, said Wednesday the United States should instead create an independent body to serve as watchdog of risk management across the financial sector.” (USA Today, Thursday)

Some choice.

FEE Timely Classic
“The Pretense of Regulatory Knowledge “ by Sheldon Richman