Wednesday, April 29, 2009
Dan Ernst has a great posting on the Legal History Blog on the legislative origins of the federal securities legislation and the brain power assembled by Felix Frankfurter to accomplish the task. He concludes:
Analogizing across a historical divide like the one separating us from 1934 is perilous and possibly foolhardy. Still, it’s hard not to find in the legislative history of the SEC reason to second Speaker Pelosi’s call for a new Pecora hearing. News reports of the deliberations before the release of the Torture Memos show President Obama acting on his pledge of open-minded consideration of multiple viewpoints, captured in his emulation of Lincoln’s appointment of a “Team of Rivals” to his cabinet. Right now, however, he seems to be leaving financial regulation to a “Team of Bankers."