Editor's Choice for September 28, 2009: Market-Moving News for This Week

House Financial Services on the Consumer Financial Protection Agency (Chairman Barney Frank has circulated a discussion draft of legislation that would create the CFPA.);

Senate Banking on International Cooperation to Modernize Financial Regulation; and the

House Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises on reforming the credit ratings agencies. (The subcommittee chairman, Paul Kanjorski, circulated a discussion draft of legislation on the agencies.)

On the 29^th, the board of the FDIC meets to discuss ways to shore up the Deposit Insurance Fund–95 banks have been seized so far this year, seriously depleting the fund; The New York Times editorializes on whether the big, healthy banks should lend money to the DIF; while Dow Jones reports that on a panel discussion at the Clinton Global Initiative on Friday the 25^th, Sheila Bair of the FDIC said she doesn’t see that as a “preferred option”.