In a letter delivered to the leadership of the Congressional financial committees and key Administration officials, the American Bar Association (ABA) today (May 7th, 2010) publicly endorsed the creation of an Office of Financial Research proposed in the Restoring American Financial Stability Act. The letter is a product of the ABA Task Force on Financial Markets Regulatory Reform. While careful in the letter not to take a position in favor or opposition to the overall Act or to the proposed Financial Stability Oversight Council, the authors single out the Office of Financial Research (in Title I, Subtitle B of the Act) for endorsement. They state:
... we are pleased to advise you that the ABA supports the creation of the Office of Financial Research, and we hope that the new Office will be included in the final version of the Act or any other broad financial reform legislation that Congress may enact this year.
The authors of the letter are William F. Kroener, III and Giovanni P. Prezioso, Co-Chairs of the ABA Task Force on Financial Markets Regulatory Reform. The letter is addressed to Sen. Dodd and Sen. Shelby, respectively the Chairman and Ranking Member of the U.S. Senate Committee on Banking, Housing and Urban Affairs; to Rep. Frank and Rep. Bachus, respectively the Chairman and Ranking Member of the U.S. House Committee on Financial Services; to Mr. Geithner, Secretary of the Treasury; and to Mr. Summers, Assistant to the President for Economic Policy and Director of the National Economic Council.
Here is the full letter to Messrs. Dodd, Shelby, Frank, Bachus, Geithner, and Summers.