Academic

The all-powerful Basel Committee, you can be sure, will soon be revising its capital adequacy accord, the one that either let banks be woefully undercapitalized or failed to prevent the regulatory arbitrage that permitted them to take on much, much more risk than their supervisors realized.  Indeed, you can be sure that discussions on how to revise the accord have already begun.

It might be interesting to know what Basel is considering.  But why talk about that when you can talk about a reorg?  The committee's theoretical commitment to open government remains, I think, theoretical:

The Basel Committee on Banking Supervision today announced that it is broadening the mandate of its Accord Implementation Group (AIG) from the current focus on implementation of the Basel II framework. The AIG will be renamed the Standards Implementation Group (SIG) and will concentrate on implementation of Basel Committee guidance and standards more generally. ...Nout Wellink, Chairman of the Basel Committee and President of the Netherlands Bank, said that "the financial crisis has highlighted the importance of prudent, well-informed standards and supervisory guidance." 

That would be its sixth public comment since the crisis began - about what the formerly secretive Fed, a Basel Committee member, does in two days.