About 18 months after a near collapse of the banking system, the sector continues to operate under the same, ineffective regulation, according to The New York Times. President Barack Obama must focus his energy in order for lawmakers to enact effective reform of the financial-regulatory system before the midterm election, the Times argues. The House and the Senate passed flawed legislation, meaning lawmakers still need to address many issues, including consumer protection, derivatives and financial institutions becoming "too big to fail," the Times notes.

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