Shelia Bair: We Need a Watchdog for all the New Watchdogs

“Two years after passage of the Dodd- Frank financial reform law, how are we doing putting in place crucial provisions, including a way to control systemic risk?

Not well, according to Sheila Bair, chairman of the Federal Deposit Insurance Corp. during the 2008-2009 economic disaster and author of some of the reforms in the act.

Bair is still at it. On June 6 she established a private- sector systemic-risk council, an initiative funded by the Pew Charitable Trusts and the Chartered Financial AnalystsInstitute. (I’m a member of the council, but I am writing here in my personal capacity; we have agreed that only Bair will speak for the council.)”

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