Reps. Shelley Moore Capito, R-W.Va., and Carolyn Maloney, D-N.Y. have sponsored a new bill that would create an ombudsman for regulatory oversight of banks and create a department where banks and savings associations who felt they needed to complain about their regulators could go to with the confidence that their complaints would be investigated in a non-biased basis.

Never mind that a bill that looks exactly like this has been defeated before.

Having an ombudsman for the regulators is a great idea, but with this congress I doubt it’s even on the radar of either part. Let alone the fact that it would increase oversight of the overseers, a something that banks complain there has been too little of in the last five years.

Despite my pessimism, is there a reason why we don’t have a check-and-balance system for our regulators?