The march of 21st Century banking law — hermeneutics exposed

Lalita Clozel at the Wall Street Journal is reporting that:

Fed Vice Chairman for Supervision Randal Quarles said the agency’s policies on bank control have been difficult to parse, except for people “who have spent a long apprenticeship in the subtle hermeneutics of Federal Reserve lore, receiving the wisdom of their elders through oral tradition.

Wall Street Journal, April 24, 2019, Lalita Clozel, “Fed Moves to Ease Rules for Bank Investors.”

So, the Federal Reserve is promulgating new rules intended to elucidate (and loosen) its bank control policies. And so begins the lustration of yet another once tidy and “pleasantly remunerative” corner of MidLaw’s erstwhile law practice. 

This must be among the final steps in eradicating law practices where obscure practitioners could dispense subtle hermeneutics for a fee. Shame that.

O tempora, o algorismi!

 

Cartoon by P.C. Vey, New Yorker, March 9, 2009

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