Former FDIC Chair Blasts Dodd

For indispensable reporting on the coronavirus crisis, the election, and more, subscribe to the Mother Jones Daily newsletter.


Who better to turn to for perspective on Sen. Chris Dodd’s new Wall Street overhaul than a top former regulator? That’s what CNBC did this afternoon, inviting Bill Isaac, a former chairman of FDIC during the 1980s, to discuss Dodd’s comprehensive new bill and its ramifications on our financial markets, consumer protections, and the like. What Isaac had to say was a blunt reality check on Dodd’s new bill.

The former regulator, now the head of an international consulting firm, said flatly that there is “no significant financial reform in this bill.” The root causes of our regulatory failures, Isaac said, reside in lackluster watchdogs like the Treasury Department, Federal Reserve, and the Securities and Exchange Commission. By expanding the Treasury and Fed’s power and “ignoring” the SEC, Dodd’s bill merely glosses over the institutional problems in need of serious repair, Isaac said. “This is not a serious financial reform proposal,” he said. “Senator Dodd himself back in November put forward a much more sweeping reform of our regulatory system. Our regulatory system is broken. It needs a sweeping overhaul.”

SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

payment methods

SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

payment methods

We Recommend

Latest

Sign up for our free newsletter

Subscribe to the Mother Jones Daily to have our top stories delivered directly to your inbox.

Get our award-winning magazine

Save big on a full year of investigations, ideas, and insights.

Subscribe

Support our journalism

Help Mother Jones' reporters dig deep with a tax-deductible donation.

Donate