Financial reform bill calls for diversity

By James Kwak Robert Reich discusses a theme that I think I’ve discussed before (and first heard expressed by Ezra Klein): “The most important thing to know about the 1,500 page financial reform bill passed by the Senate last week — now on he way to being reconciled with the House bill — is that it’s regulatory. It does nothing to change the structure of Wall Street.”

By Simon Johnson, co-author of 13 Bankers: The Wall Street Takeover And The Next Financial Meltdown Update: The Progressive Change Campaign Committee has a petition that takes you to a page with your senators’ names and phone numbers, as well as a script to use when calling them.

Tyler Cowen offers some interesting thoughts on whether the financial sector dominates the U.S. government:

By James Kwak Last week I disagreed with Paul Krugman’s dichotomy between limiting banks’ scale and scope and restricting banks’ risky behavior. Today Krugman has another op-ed, this time criticizing the current Senate bill for not being sufficiently “fool-resistant.” This time, I basically agree with him.

By Mike Konczal I would highly recommend checking out this interview between Shahien Nasiripour and Federal Reserve Bank of Kansas City President Thomas M. Hoenig, where Hoenig called for a fundamental change in Wall Street. In the interview, Hoenig:

WASHINGTON (AP) — As he prepares to announce a new wave of Cabinet and other senior posts, President Barack Obama is aiming to put a more diverse face on his administration — an image that was missing as he filled the first round of vacancies of his second term with a parade of white men. Obama is said to be looking at women, Latinos and openly g