This bill has : from denouncing the greedy corporate landlords to disparaging the pesky bureaucrats delaying projects with their environmental red tape. It would even pause the Federal Reserve from issuing a central bank digital currency (Section 1001).

When Dodd-Frank was adopted, Congress imported to the CEA language that was used in the Securities Exchange Act to prohibit insider trading. Although this importation was well meaning, it is not so clear how this works in practice. An issuer cannot trade in its own securities when it is in possession of material nonpublic information because it will disadvantage holders of its securities to whom the issuer owes a duty. The same logic does not apply to a producer of physical commodities, as…

Interfering in financial markets to mandate a lower interest level seems generally a bad idea, but tying a mandatory reduction to a prohibition on lending less money makes it a doubly bad idea. If Senator Warren believes that banks are making improper profits on credit card lending, it would seem to follow that a forced reduction in rates would not cause banks to lend less. And if the Senator is forcing banks to take risk for which they are not compensated, isn't that bad for safety and…

One takeaway worth emphasizing is that clearing seems to lead to much greater market concentration, not only at the clearing house level, but also at the dealer level.