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Conflicts of Interest

The argument that could upend Wall Street reform

Scott O’Malia, one of two Republican commissioners at the Commodity Futures Trading Commission, doesn’t believe that his agency’s standards are up to snuff when it comes to Wall Street reform. “We don’t do proper economic analysis,” O’Malia tells me. His main concern is that regulators have failed to conduct a proper cost-benefit evaluation of the new financial regulations. And O’Malia has taken the unusual step of appealing to the Obama administration to examine the CFTC’s practices.