This will help a lot, but Geithner and Summers still ought to go.
http://www.alternet.org/story/146091/obama%27s_new_banking_nominees_have_surprisingly_progressive_credsBut the names the Obama administration is floating to fill the Fed Board seats have been consistent voices of reason on economic policy: San Francisco Federal Reserve President Janet Yellen, Maryland Commissioner of Financial Institutions Sarah Bloom Raskin and M.I.T. economist Peter Diamond. Moreover, each candidate would help counter fundamental shortcomings in the Fed's policymaking over the past decade.
The Fed has never been an effective bank regulator. Nearly every serious and effective bank regulator in the U.S. is currently working at the state level, and Raskin is one of the standouts. The banks she regulates haven't failed, and she has been a consistent advocate for regulations that work to help ordinary citizens, not bigwig bankers, and has objected to the deference federal agencies like the Fed and the Office of Comptroller of the Currency (OCC) have given to high-profile bank executives.
Here's Raskin testifying before the Congressional Oversight Panel for the Troubled Asset Relief Program in January 2009:
The states have sometimes perceived an environment at the federal level that was skewed toward facilitating the business models and viability of our largest financial institutions rather than promoting the strength of the consumer or our diverse economy.
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