On Monday July 12, 2010 The New York Times published the article “Financial Bill to Close Regulator of Fading Industry.” The article describes, that despite the call for more regulation within the banking and market systems within the financial reform bill, “…Democrats hope to send the president this week is the directive to dismember and close the Office of Thrift Supervision.” This is interesting because lack of oversight was part of the cause of both the 1980 and 2008 financial crises and one would think a regulation agency would be safe from closing during the current financial reform. The article explains this anomaly with the suggestion that “…the agency is being buried with its industry.” The suggestion is then explained with describing that it was because of this office’s lack of regulation and not doing their job that caused institutions such as Washington Mutual, IndyMac and Countrywide Financial to fail. Furthermore, such savings and loan institutions are now being integrated into major banking corporations. Therefore, it is quite logical that Congress would attempt to close the Office of Thrift Supervision because it did not do its job and is becoming inert. This article is valuable to the American public because it describes some of the inner workings of Congress regarding the financial reform. It reveals logical steps that are trying to be taken to correct the financial crisis of 2008, something that is still affecting most Americans. Reading more similar articles is a step the American public should take to become a nation of more informed voters.
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