April 25, 2024

Raskin Would Be First Female Deputy at Treasury

Ms. Raskin is a Federal Reserve governor and a former state banking regulator. At the Treasury, Ms. Raskin would take the position held by Neal S. Wolin since the beginning of the administration.

In a statement about Ms. Raskin, Jacob J. Lew, the Treasury secretary, said, “Sarah has a deep understanding of banking and financial regulatory issues as well as a firm grasp of how to run large, complex organizations.” He added, “Sarah has demonstrated a strong commitment to protecting consumers, and she shares my conviction to do everything possible to increase job creation, accelerate economic growth and strengthen the middle class.”

A person with knowledge of the process, but without permission to speak on the record about personnel policy, said Mr. Lew had put forward Ms. Raskin’s name for the job and was particularly interested in her administrative abilities. The deputy secretary takes a large role in running the sprawling department, with tasks as diverse as the minting of currency and the collecting of taxes.

Mr. Lew also appreciated her knowledge of financial markets and regulation given the enormous continuing task of putting into effect the Dodd-Frank regulatory reform law, this person said.

Ms. Raskin is lawyer who was trained at Harvard and who worked as a Maryland state regulatory official before joining the Fed in 2010. She had earlier worked on Capitol Hill and at the Promontory Financial Group, a consultancy.

Ms. Raskin’s move to the Treasury would leave yet another vacancy at the central bank. The Fed chairman, Ben S. Bernanke, is widely expected to leave at the end of his term in January, and Elizabeth A. Duke, a Fed governor, plans to step down in late August.

The search for a new Federal Reserve leader has raised questions about the relative dearth of women in top economic policy-making positions. Janet Yellen, the Fed vice chairwoman, is considered a contender for the top job. Lawrence H. Summers, the former Treasury secretary and economic adviser to Mr. Obama, is also considered a leading candidate to succeed Mr. Bernanke.

Some Democratic members of Congress and economists have urged Mr. Obama to appoint Ms. Yellen, while several current and former White House aides are said to be pressing for Mr. Summers.

Article source: http://www.nytimes.com/2013/08/01/business/economy/raskin-would-be-first-female-deputy-at-treasury.html?partner=rss&emc=rss

Letters: The New Math of Law School

The New Math of Law School

To the Editor:

The premise of “Law School Economics: Ka-Ching!” (July 17), is belied by reality: Reform can come from within.

 In my 11 years at New York Law School, which was highlighted in the article, the first-time bar exam passage rate improved to as high as 93 percent. We have built an acclaimed student-centered facility and have instituted a practice-based curriculum, specialized research centers and an intensive first-year skills program.

Of 10 private metro New York City law schools, our tuition is lower than all but four. We have a flat-rate tuition and guarantee that the price won’t go up while a student is enrolled.

In its rankings of law schools, U.S. News and World Report publishes median salaries for graduates, but those figures are nearly two years old.  We give our students current, detailed job and salary information.

 Our large enrollment in 2009 was neither planned nor required to satisfy our bond raters. We actually accepted 150 fewer students than we did in 2008, but 170 more chose to enroll.

 We can’t dramatically change the cost structure of law schools without regulatory reform.  We can’t control vicissitudes of the economy. We can and have created a dynamic model that gives graduates the skills to challenge the marketplace, spread the rule of law and make our country a more just place.

Richard A. Matasar

Manhattan, July 20

The writer is dean of New York Law School.

 •

To the Editor:

Your look at law school practices was laudable, but here is another question: What can society and the legal profession do with the seeming oversupply of well-trained, unemployed law grads, while also addressing the great maldistribution of civil legal access to the working poor?

Pro bono legal services have not come close to meeting the needs of these Americans. The problem has worsened as the economy continues to falter, foreclosures rise and more people are unemployed.

The talent and the need are present, but funds are required to connect the two. A pilot program is needed to provide an attorney minimum wage in place of a pure pro bono system — a move that would increase the employment of lawyers and representation of the poor. Funds could come from several sources, including the addition of fees to high-ticket corporate litigation and punitive awards. And why not require wealthy law schools that have made disproportionate profits over the years to contribute, too?

Patrick J. Mercurio, Esq.

Manhattan, July 20

The writer is a lawyer.

•

To the Editor:

I suggest a follow-up article about the failure of huge university endowment funds to help law students deal with the high cost of their education. Many of these funds could radically lower law-school tuition by redirecting some of their gains for that purpose.

Donors to universities seem content to write big checks, take the tax deduction and ignore what happens to the funds later. This may please their tax advisers, but it submerges students in towering debt.

Remedial steps are possible. For example, universities should tell their students how much of their endowment funds are used for tuition relief. And tax deductions could be allowed only for contributions designated solely for student aid.

Philip McBride Johnson

Fernandina Beach, Fla., July 17

The writer, a retired lawyer, is a past chairman of the Commodity Futures Trading Commission.

•

To the Editor:

Yes, the legal profession is under pressure and is undergoing a major structural change, with “Big Law” no longer a reliable source of highly paid jobs for new law school graduates (“Law School Economics: Ka-Ching!” July 17). But this presents a powerful opportunity for the legal academy to redefine its goals, hopes and services for its students.

A law degree remains a desirable credential for access to interesting career paths, many of which serve the public interest, engage the global marketplace or help those on society’s margins. If you think we have too many lawyers, ask a Hispanic-American who is stopped by law enforcement because he looks “illegal,” or a mayor struggling to provide basic services in a time of economic stress, or a C.E.O. trying to expand her business into emerging markets.

As history tells us, a highly bureaucratized democratic society needs lawyers — in “Big Law” and little law — to speak truth to power, to navigate complex regulatory structures and to offer some assurance that our complex system of laws is interpreted as fairly and justly as possible.

Vincent D. Rougeau

Newton, Mass., July 18

The writer is dean of the Boston College Law School.

Article source: http://feeds.nytimes.com/click.phdo?i=b2a2877d743220537b9a8fe81d30d833

DealBook: Former S.E.C. Chief Says Dodd-Frank Misses Goals

Harvey Pitt, the former chairman of the Securities and Exchange Commission.Jay Mallin/Bloomberg NewsHarvey Pitt, the former chairman of the Securities and Exchange Commission.

7:26 p.m. | Updated

Harvey Pitt, a former chairman of the Securities and Exchange Commission, criticized the Dodd-Frank Act on Tuesday, saying the financial regulatory overhaul would fall short of its goal of protecting investors from future financial crises .

The law “unfortunately did not provide the regulatory reform that our financial and capital markets, and those who invest, so urgently needed and still require,” Mr. Pitt, who was chairman of the S.E.C. from 2001 to 2003, said in testimony before the Senate Banking Committee.

“The act is unduly complex, adds more layers of regulatory bureaucracy to an already overbloated bureaucracy, makes financial regulation more cumbersome and less nimble than it already was,” said Mr. Pitt, now the chief of Kalorama Partners, a Washington consulting firm.

Nearly a year after President Obama signed the Dodd-Frank Act into law, the banking committee on Tuesday examined the law’s efforts to protect investors. The act dedicated an entire section to “investor protections,” creating an Office of Investor Advocate, enhancing regulation of credit rating agencies and reining in executive pay.

But some of the corporate governance rules “favor certain special interests at the expense of rank-and-file shareholders,” Mr. Pitt said.

He also objected to a new corporate whistle-blower program, created under the act. In April, the Securities and Exchange Commission adopted a program that rewards employees who report crucial information about fraud and other wrongdoing. Under the rules, whistle-blowers are not required to report fraud internally before going to the government.

“This provision threatens to undermine corporate governance, internal compliance and the confidence of public investors in our heavily regulated capital markets,” said Mr. Pitt, a Republican who was appointed to run the S.E.C. by President George W. Bush.

Mr. Pitt issued some support for expanding the S.E.C.’s authority to examine thousands of investment advisers. But he said the agency lacked the budget to fully take on its new responsibilities.

His comments on the agency’s budget echo concerns raised by consumer advocates, who have long called for the S.E.C. to receive a budget increase.

“While we are sympathetic to those who argue that money alone cannot solve all of the agency’s problems, we also believe that, without additional funding, the agency cannot reasonably be expected to effectively fulfill its investor protection mission,” Barbara Roper, director of investor protection for the Consumer Federation of America, told the committee.

Article source: http://feeds.nytimes.com/click.phdo?i=a0591f7a6f155a0c767614fc863a187f