Michael Greenberger, JD, a professor at the School of Law who was a senior official of the Commodity Futures Trading Commission during the Clinton administration, appeared on NPR’s “Diane Rehm Show” on April 1 to analyze Treasury Secretary Henry Paulson's proposal to reform the U.S. financial regulatory system. The proposal includes plans to merge or eliminate some long-standing regulatory agencies and to give more power to the Federal Reserve.
Greenberger says the plan, which would be the broadest overhaul of Wall Street regulation since the Great Depression, has its genesis in a yearlong effort to limit Washington’s role in the market. "The Fed oversaw this meltdown," Greenberger said. "This is the equivalent of the builders of the Maginot line giving lessons on defense."