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Historic financial regulation is finished. Or has it only just begun? The overhaul of our country's banking system leaves so much untouched (like housing policy) or undecided (like capital requirements) that it's hard to know how effectively it will curb risk appetite and ward off another credit crunch. In other historic news: BP did something right.

1. You Thought Passing FinReg Was Tough? Try Implementing It: Some liberals have criticized the bill for failing to more aggressively alter the structure of Wall Street and for leaving so many critical decisions to federal regulators, who missed many of the warning signs before the crisis [Washington Post]

2. What FinReg Does, With Pictures...: Here are some of the highlights of the bill, which was born out of the wreckage of the recent financial crisis, and the problems it is designed to address [Washington Post]

3. ...And Seven Things It Doesn't Do: Fannie and Freddie played a huge role in helping to overheat the U.S. mortgage market. Until those agencies experience some fundamental change in policy and procedures, it's hard to see how another housing disaster won't occur again in the future. [Atlantic]

4. FinReg Finished. Basel Looms: The new Basel rules, as they are called, would still be stiffer than existing standards. Industry officials fear the changes could shrink bank profit margins and make credit tighter and more costly for consumers and businesses. Alterations under discussion this week would ease key requirements that have been under discussion for months. Advocates for a tougher line have argued that excessive concessions could leave the financial system vulnerable to problems the entire process is intended to address. [WSJ]

5. Oh, And BP Stopped the Oil Leak: As of Friday morning, no oil could be seen spewing into the Gulf via underwater camera feeds on BP's website -- as it had for nearly three months, spilling up to 184 million gallons. [Yahoo]


Southern-style breakfast image via hawken king's Flickr account.

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