In many respects, the tone of Vice Chair Quarles' remarks is similar to previous remarks by CFTC Chair Giancarlo. Each has committed to a careful review of what is working and what is not, and to make improvements that are possible, while minimizing the likelihood of divisive political fights that are not worth the effort. That should provide wide latitude, given how much low-hanging fruit there is in improving on the existing Dodd-Frank regulations.

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While the Reg SCI matter is the headline, the failure to disclose the manner in which the exchange's trading rules worked is arguably more significant in the long run. Transparency as to trading procedures is important to facilitate the competition between markets to provide the best price.

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There is, or at least there should be, a distinction between the question of whether Mick Mulvaney is the right person to head the CFPB and the question of whether there is anyone who believes it is good government, or in any way rational, to empower the departing heads of major U.S. government regulatory agencies to name their successors. If Congressional supporters of Ms. English think this is a good way to run a government, perhaps they should introduce legislation to amend the FVRA and…

The findings contained in this GAO study are unsurprising. Generally, regulators do an insufficient job of evaluating the costs of the rules that they impose. Regulators have little incentive to find that their rules are costly or provide limited benefit. Further, political concerns produce more pressure to adopt new rules than to evaluate and remove unnecessary or deficient ones. The CFPB may be viewed as the poster child for that. The question is whether this type of behavior can be…