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Inside Washington (01/02/2011)
* WASHINGTON (1/3/11)--The creation of the Financial Stability Oversight Council was seen as a key element of the Dodd-Frank Act, but after the council’s first five months of existence observers are wondering if it has the political will to carry out its statutory mandate of identifying and eliminating systemic risk (American Banker Dec. 30). For example, the council’s 15 members disagree on how to implement the Volcker Rule, which bans proprietary trading and puts limits on risky investments. Part of the problem is the different perspectives of regulators, such as the Federal Reserve Board and the Federal Deposit Insurance Corp. (FDIC). Some believe the council is too large to carry out its mandate. Josh Rosner, managing director at the research firm of Graham Fisher & Co., said there are too many voices on the council to create coherent policy. Others said that the diverse views on the committee will be an asset. For example, FDIC Chairman Sheila Bair said it’s important to have the views of the Securities and Exchange Commission and the Federal Housing and Finance Agency in addition to bank regulators on servicing issues … * WASHINGTON (1/3/11)--White House adviser Elizabeth Warren is quietly seeking candidates to head the new Consumer and Financial Protection Bureau (The Wall Street Journal Dec. 30). The search indicated that Warren would not be selected to lead the bureau. The Obama administration considered nominating Warren for the position earlier this year, but delayed that decision because of concerns Republicans considered her anti-business and would block the nomination. Observers say Warren and her senior adviser, Raj Date, have sought input from the Independent Community Bankers of America, the Financial Services Roundtable and the Center for Responsible Lending. Among the names mentioned as possible nominees include Iowa attorney general Tom Miller; New York state bank regulator Richard Neiman; and former Office of Thrift Supervision director Ellen Seidman …

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