The FT would have us believe that the Dodd bill might actually oust some of the foxes from the henhouse. Salon dissects:

Pack up your bags, Jamie Dimon. The CEO of JPMorgan Chase currently serves as a Class A director of the Federal Reserve Bank of New York, which is awfully convenient, considering that the FRBNY is charged with supervising his bank. But if Sen. Chris Dodd’s proposed “Restoring American Financial Stability Act” emerges from the legislative grinder intact, Dimon and other Wall Street bankers will no longer have a near-automatic seat on the regulatory body charged with watching over them.

The Financial Times’ Tom Braithwaite dropped this intriguing bomb: The new proposal would bar appointments of Wall Street bankers as directors at the New York Fed.

That sounds interesting and all, but Salon isn’t sure it would work exactly that way:

So I’m not sure the FT has it quite right. As I read the bill, the Board of Governors can appoint whomever they like — but member banks can no longer elect their own representatives. So as long as the banking lobby wields enough influence to ensure that “acceptable” people are appointed to the Board of Governors, there likely won’t be much in the way of unpleasant surprises for Wall Street. But ending the process in which JP Morgan and Citigroup and all the rest are allowed to elect their own CEOs to serve on the regulatory body that oversees them still seems like a positive step. We’ll see if it makes it through to law.

Sad! I almost got excited for a second there. That just makes it… a popularity contest. And you know the board of governors isn’t going to nomnomnominate me or Jason or Ron Paul or anything, so it may be that the only question is, whose umbrella will Jamie Dimon have to carry to guarantee he gets to keep his seat?

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Administrative note: Jason and I have been joking for a while now that we need an intern. Anyone interested? We don’t know what we’d have you do but we’re sure the very title carries, you know, tons of cache and whatnot.