A better interpretation of Mr. Powell's remarks is that he recognized that a primary cause of the bank failures earlier this year was a failure to exercise regulatory authority, as opposed to an absence of regulatory authority.  

It is generally the case that when something goes wrong in the financial markets, Senator Warren blames it on some deficiency in regulatory authority and calls for additional legislation. If something else goes wrong, rinse and repeat.  

Several weeks ago, the SEC was on the losing end of two decisions in its enforcement action against . Although this decision by the D.C. Circuit may not attract as much attention as the Ripple case, it is arguably a larger blow to the agency. The Ripple case was about a disputed point of law, and it is entirely possible that a different judge might have decided in the SEC's favor. By contrast, this case is about the quality of the SEC's work, particularly insofar as it regulates digital…

The SEC enforcement action and the Commissioners' dissent raise fundamental questions on the appropriate use of regulatory power.

In this case, Commissioners Peirce and Uyeda appear to agree with the majority that the investors likely made an unwise investment decision and based that decision on inadequate information. They part ways with the majority when asserting that regulators should not exercise their power to correct misdeeds if the relevant laws do not give the regulators that…

This decision raises troubling questions. Here are two big ones: 

The appellate decision quotes the Secretary of State declaring that: "[t]here is no room for 'you get what you pay for' when it comes to the quality and integrity of investment advice . . . [The fiduciary duty rule would] enhance[]…