The divide between economic philosophies is well illustrated by the differing approaches that Commissioners Peirce and Jackson take to asking why there has been a long-term downward trend in the number of IPOs. Commissioner Peirce raises the long-term costs of regulation; Commissioner Jackson suggests that if there were more regulation, underwriters could be encouraged to charge lower underwriting fees. Commissioner Peirce is closer to the heart of the matter than Commissioner Jackson, but…

Mr. Mulvaney's rethinking of Mr. Cordray's policies illustrates the potential benefits of reconstituting the CFPB from being a bureau led by a single partisan individual to a commission with representatives of both major political parties. With a five-person commission, if the chair of the commission attempts to obtain unanimous votes on new rules, it is far more likely that those rules will reflect a consensus that is likely to survive elections.

Notwithstanding Rep. Waters' dramatic statement, if the guidance is less than a rule, then use of the CRA to withdraw the guidance should be less impactful than use of it to withdraw a rule. The power to do the greater implies the power to do the lesser.

Whatever happens with the SEC's Best Interest Requirement proposal (see ), broker-dealers should pay far more attention to employee training.