The Door Revolves at the CFPB

A blog about business and economics.
Aug. 23 2012 8:33 AM

The Door Revolves at the CFPB

Leonard Chanin, who heads up the rule-writing team at the Consumer Financial Protection Bureau, will be heading back to his old law firm in September where he'll be working in the financial services group.

It's of course not uncommon for people to jump between regulatory agencies and industry-side practice, and to some extent it's necessary and helpful to have people around with experience on both sides of the line. But people rightly worry that "revolving door" practices undermine the missions of regulatory agencies, and I think you see here an example of the sort of difficulties the CFPB will have in building a really effective agency over the long term. After all, if you look at the myriad regulatory failures of the first decade of the 21st century it's not as if a paucity of regulatory agencies per se was the issue. We had a lack of regulatory efficacy and a lack of political desire to make regulation effective.

Advertisement

That's all changed somewhat over the past four years, but there are limits to how much it's changed and we certainly don't have the kind of enduring bipartisan consensus around the desirability of effective regulation that would be needed to make it work in the long term.

Matthew Yglesias is the executive editor of Vox and author of The Rent Is Too Damn High.

TODAY IN SLATE

Jurisprudence

Don’t Expect Adrian Peterson to Go to Prison

In much of America, beating your children is perfectly legal. 

Ken Burns on Why Teddy Roosevelt Would Never Get Elected in 2014

Cops Briefly Detain Django Unchained Actress Because They Thought She Was a Prostitute

Minimalist Cocktail Posters Make Mixing Drinks a Cinch

How the Apple Watch Will Annoy Us

A glowing screen attached to someone else’s wrist is shinier than all but the blingiest of jewels.

Books

Rainbow Parties and Sex Bracelets

Where teenage sex rumors come from—and why they’re bad for parents and kids.

Books

You Had to Be There

What we can learn from things that used to be funny.

Legendary Critic Greil Marcus Measures and Maps Rock History Through 10 Unlikely Songs

Catfish Creator Nev Schulman’s Book Is Just Like Him: Self-Deluded and Completely Infectious

Behold
Sept. 12 2014 5:54 PM An Up-Close Look at the U.S.–Mexico Border
  News & Politics
Jurisprudence
Sept. 14 2014 2:37 PM When Abuse Is Not Abuse Don’t expect Adrian Peterson to go to prison. In much of America, beating your kids is perfectly legal. 
  Business
Moneybox
Sept. 12 2014 5:54 PM Olive Garden Has Been Committing a Culinary Crime Against Humanity
  Life
Inside Higher Ed
Sept. 13 2014 8:38 AM “You’re More Than Just a Number” Goucher College goes transcript-free in admissions.
  Double X
The XX Factor
Sept. 12 2014 4:05 PM Life as an NFL Wife: “He's the Star. Keep Him Happy.”
  Slate Plus
Behind the Scenes
Sept. 12 2014 5:55 PM “Do You Know What Porn Is?” Conversations with Dahlia Lithwick’s 11-year-old son.
  Arts
Brow Beat
Sept. 14 2014 7:10 PM Watch Michael Winslow Perform Every Part of “Whole Lotta Love” With Just His Voice
  Technology
Future Tense
Sept. 12 2014 3:53 PM We Need to Pass Legislation on Artificial Intelligence Early and Often
  Health & Science
New Scientist
Sept. 14 2014 8:38 AM Scientific Misconduct Should Be a Crime It’s as bad as fraud or theft, only potentially more dangerous.
  Sports
Sports Nut
Sept. 12 2014 4:36 PM “There’s No Tolerance for That” Pete Carroll and Jim Harbaugh say they don’t abide domestic abuse. So why do the Seahawks and 49ers have a combined six players accused of violence against women?