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Just two weeks ago, I pooh-poohed the idea of an optional federal charter becoming law anytime soon as “probably a pipe dream.” So how do I feel now, in the wake of the Treasury Department’s shocking OFC endorsement as part of a financial services regulatory overhaul?

I still think OFC is a pipe dream–at least for 2008. 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. And given the industry’s split over OFC, I can’t see Congress having the overwhelming sense of urgency necessary to pass it on a stand-alone basis.

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