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Shut Down the OTS
On March 3, the Office of Thrift Supervision will hold a CEO Outreach Meeting in Pittsburgh so that OTS officials can share muffins with local thrift execs. In other words, it’s business as usual at the OTS.
That despite the fact that the OTS should be shut down. In truth, the entire banking regulatory regime is terribly flawed and I would argue that President Obama’s failure to clean up this mess is far worse than the administration’s inability to formally contain “to big to fail.”
Obama first proposed shuttering the OTS last June, and yet still no progress has been made. The regulatory reform bill that would kill the OTS remains stalled in the Senate over its proposal to create a Consumer Financial Protection Agency.
The trouble is the overall regulatory system is already troubled without OTS — what with the Federal Reserve, Treasury Department, Office of the Comptroller of the Currency, National Credit Union Administration, Federal Deposit Insurance Corp., Securities and Exchange Commission, and the Commodity Futures Trading Commission fighting for regulatory street cred. But at the least the US taxpayer should save the $250 million we spend on the OTS. Someone stick a fork into it — and quick.
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