Top 7 Most Powerful Personality In Finance
The seat of power over the next three-to-five years will be located in Washington, D.C., and not in New York City. It will rest in the public sector, not the private sector. "Power" ultimately boils down to who makes the decisions, and decision-making has clearly shifted from private industry to government. Given that it is clear to me that real power is out of the hands of the private market, I have chosen not one private-sector player on this year's power list.
1: Ben Bernanke
Chairman, United States Federal Reserve
As the Chairman of the Federal Reserve, Bernanke holds the ultimate power as he will manage the "exit" strategy from unprecedented government support of asset values, real estate and otherwise. One wrong move and we could face an asset price collapse.
2: Tim Geithner
Secretary of Treasury, United States of America
As U.S. Treasury secretary, Geithner is taking a leading role on policy and regulatory change. He will help set the standard on which concerns are too big to fail
3: Sheila Bair
Chairwoman, Federal Deposit Insurance Corp. (FDIC)
Increasing the federal bank deposit insurance limit from $100,000 to $250,000 in 2008 was one of the best policy decisions during the crisis. Bair holds the cards to determine the pace of bank failures and the participants who will shape the future of the regional banking landscape.
5: Lawrence "Larry" Summers
Director, White House National Economic Council
Summers has the ear of President Obama and is the behind-the-scenes voice for the White House in policy planning and decision-making.
4: Elizabeth Warren
Chairwoman, United States Congressional Oversight Panel
As Chair of the Congressional Oversight Panel, Warren audits the implementation of the $700 billion Troubled Assets Relief Program. Warren will play an increasingly important role in auditing the financial markets and the regulatory system, especially as the Treasury programs evolve.
6: Barney Frank
Chairman, United States House Committee on Financial Services
As chairman of the House Financial Services Committee, Frank has played an instrumental role in the government's policies during the crisis. He is currently working on the Consumer Financial Protection Agency legislation, which could transform the consumer regulatory environment as we know it for mortgages, credit cards, auto loans and more.
7: Chris Dodd
Chairman, United States Senate Committee on Banking, Housing and Urban Affairs
Dodd will continue to have critical influence on the future legislation of banking, credit cards, financial markets and housing. Current issues include freezing credit card interest rates, reining in overdraft fees charged by banks and extending the new home buyer tax credit.
