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Just two weeks ago, I pooh-poohed the idea of getting an optional federal charter approved anytime soon as probably a pipe dream. So, how do I feel now in the wake of the shocking endorsement of an OFC today by the Treasury Department as part of a comprehensive financial services regulatory overhaul? Read on to find out, and feel free to weigh in on this startling development.


(To read all about the Treasury's proposal, click here.)

I still think an OFC is a pipe dreamat least for this year. There is no way the lame duck Bush administration will be able to convince Congress to swallow such a sweeping reorganization, especially in an election year.

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