Summers v. Born
By Some useful history from Mike Konczal:
The last two weeks have seen a flurry of commentary on the relative merits of Larry Summers and Janet Yellen as potential candidates for the next chair of the Federal Reserve. Some of the criticism about Larry Summers comes from his role in 1990s deregulation of finance. His fight with Brooksley Born of the CFTC over the regulation of derivatives particularly stands out.
People already have strong opinions about Summers’ culpability for the financial crisis as a result of his past support of deregulation. But what goes missing is the extent to which he sought to control and undermine an independent regulator given that he disagreed with them. If the next Federal Reserve chair, who will have immense power within the regulatory community, disagrees with another financial regulators during the implementation of Dodd-Frank, will he or she go after them equally as hard?
Good question at the end too — read the whole thing.