I think this is a superb list, but a bit misdirected, because as is obvious from my title, the advice ought not to go to the Fed, but to the government in Washington. Timmy is Ben's colleague and quasi-boss, and the problems are intertwined.
That takes nothing from Bill Black who would be an appropriate choice to head one of the big regulatory agencies. And it is unlikely that Obama would appoint him.
The Fed is a critical part of the problem, and is unable to reform itself because it is owned by the banks and the monied interests.
But so is Washington. And that is a matter for a much deeper discussion on the crying need for serious political reform, and how it might be achieved.
They will throw out a landscaper's nightmare of tangled branches, but the key is to strike at the root of it, which is campaign finance reform and the access to power of organized money, and the personal benefits received therein by politicians.
This may not happen now, and the pampered princes of the political aristocracy may put it off yet again. But it will almost certainly happen, one way or the other, after the next financial crisis.
The tragedy is that much of this is within Obama's reach, despite his problems with a fanatical element in the Congress. His priority now is four more years, and to accomplish that he is taking money and orders from the Wall Street bankers.
