White House Details Financial Revamp

By Simon Johnson

Dylan Matthews is writing Wonkbook while Ezra is in China. The U.S. and Europe are taking different approaches to FinReg. Can this work in a global economy? Meanwhile, Obama promises stricter rules governing offshore drilling. And Steve Pearlstein thinks industry should stop fighting regulation. Welcome to Wonkbook. Top Stories

Editor’s Note: The following post comes to us from John White, partner in the Corporate Department and co-chair of the Corporate Governance and Board Advisory practice at Cravath, Swaine & Moore LLP. This post is based on a Cravath memorandum by William P.

The plan would create a Consumer Financial Protection Agency and make banks and non-banks subject to the same rules.

The New Republic's Noam Scheiber asked an interesting question yesterday: Why, he wondered, was Obama abandoning "Obamaism" on financial reform?