The Food and Drug Administration vets new drugs before they reach the market. Imagine a Wall Street version of the FDA to examine new financial instruments and ensure that they are safe for society. Gretchen Morgenson, a columnist with The New York Times, explores that issue in her column.

Two professors at the University of Chicago argue that a new agency should approach financial products the way the FDA approaches new drugs — studying their safety for consumers before approving their release on the market. Morgenson admits consideration of such a proposal anytime soon is unlikely. Read her column and learn more about the proposal here.