Box and Cox

The fallout from the credit crunch is shaking up US financial regulation, and the jockeying for influence has begun. The Federal Reserve and the Treasury have been making the running. But the Securities and Exchange Commission under chairman Christopher Cox – strangely absent at key moments in the Bear Stearns saga – on Thursday b latedly staked a claim for a bigger role. As things stand, the Fed looks more likely to get extra powers, including jurisdiction over investment banks – a role seeming...