The Treasury's initiatives seek to sweep away the current patchwork of regulation over the coming decade in favor of three more powerful agencies to oversee banking, market stability, and consumer and investor protection. The plan's authors have argued that such changes are needed because government oversight has not kept up with the pace of financial innovation…. Critics said the Treasury's plan is almost too big to succeed. Longtime Washington institutions would undergo wholesale changes or shut down altogether. Few leaders of these agencies — and the associations that work with them — welcomed such radical transformation. (Washington Post ^[1], Tuesday)

It's a choice between much more intervention and a lot more intervention.

FEE Timely Classic
Old Banking Myths ^[2] by Hans F. Sennholz