Many government watchers argue that California's strict term limits have diluted the institutional memory and experience of the state's legislature.

NPR: Political Families Circumvent California Term Limits

Mr Pollock would prefer to see the task go to an independent advisory body, manned by economic heavyweights to provide institutional memory of past crises.

ECONOMIST: What regulators should do now

The hope here is that a huge business can provide the support and expertise needed to keep our project going, and that it will survive in institutional memory--even if the employee in charge of it today drops the ball, someone else will pick it up.

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