Senate bill isn’t perfect, but it can have a lasting effect.
The ideal solution for the too-big-to-fail problem is to allow firms to fail in an orderly manner through an improved Bankruptcy Code.
Dodd-Frank does not include many of the details that are defined for the other voting members of FSOC, including anything on the Independent Member’s specific duties.
The future of the financial regulatory structure built through the Dodd-Frank Act and other post-crisis reforms is suddenly on the table.
Given the importance of financial regulation in the post-crisis world, keeping these seats filled with highly qualified individuals should be a priority.