While the blogosphere was busy with a day in the life of Henry Gates (along with a bit here and there on witch-doctor pictures, "birthers," and possibly health care politics if there was any time or space left,)
apparently a significant part of the financial future of the country is being determined:
WASHINGTON -- The Obama administration scrambled on Friday to defend major elements of its plan to overhaul the nation's financial regulatory system in the face of significant criticism from lawmakers, the financial services industry, and even senior regulators whose authorities would be eliminated under the proposal.
A turf war among some of the most powerful regulators in Washington, which has played out largely behind the scenes in the last few months, burst into the open at a House hearing. It featured disagreements over two cornerstones of the administration's financial regulation plan -- a new consumer protection agency to take over the functions now performed by the Federal Reserve, and a greater role for the Fed in overseeing large institutions that could pose systemic risks if they become troubled....
continued @ Regulators Spar for Turf in Financial Overhaul,
by Stephen Labaton for the July 25 New York Times.
