The Treasury had a clearer view of the mechanics of the crisis. It wanted more capital, less leverage, more liquidity. And it wanted centralized powers in the Treasury and the Fed to deal with the next disaster. It spelled out this vision in a blueprint, which it issued in the summer of 2009.35 This was in many ways quite different from what emerged as Dodd-Frank. But that was not by accident. Many of the omissions were strategic. As Geithner unabashedly remarked, “[W]e didn’t want Congress designing the new capital ratios or leverage restrictions or liquidity requirements. Whatever their
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