This is the second major constitutional defeat for the CFPB. Previously, the Supreme Court ruled in that the CFPB's structure was unconstitutional, in that it gave significant executive power to a single individual who generally cannot be removed by the president. The constitutional flaws in the creation of the agency were obvious from the get-go. (See, in particular, .)

These two rulings are ultimately the result of Senator Elizabeth Warren's failure to draft the legislation in a…

Any firm treating a mark-up of less than 5 percent as being within safe harbors should fix its procedures yesterday (and should probably worry whether all of its compliance procedures need some updating.) That safe harbor was mined so many years ago that many of the people in the industry today probably started after it had been shut down.

If the SEC's case is that there is tremendous investor demand for greenhouse gas information, then the question is, at what price? The production of this information will be a significant tax on public issuers, which will be paid by shareholders. Presumably, the argument is that this information will allow public investors to better allocate their capital, but investors will have to make significantly better allocation decisions in order to compensate investors for the cost of producing the…

This is the first public statement by any U.S. government official that takes a measured view of the dangers (or lack thereof) of digital assets generally and of stablecoins and CBDCs in particular. 

Mr. Waller's statement highlights a related issue of partisanship at the Financial Stability Oversight Council. The purpose of FSOC is purportedly to provide a broad spectrum of views as to threats to the U.S. economy. It is incapable of fulfilling this role because it is wholly…