The need for Congress and the President to undo the actions of the CFPB illustrates what an odd regulatory structure Dodd-Frank created in establishing the CFPB. The agency operates independently of, and now in opposition to, both the Executive and Legislative branches of government. While there are undoubtedly those who favor the rulemakings of the CFPB on a policy basis, that does not change the fact that the CFPB is, from a Constitutional standpoint, operationally unsound. Should a…

This may be viewed as a dispute between Obama-holdover regulators who favor "retail" customers and the new Trump regulators who favor "institutions." More cynically, this may be viewed not so much as protecting "retail" investors as it is throwing a potentially nice-sized bone to class-action lawyers.

The Treasury should be concerned with the risk to individual banks that is posed by class-action lawsuits. If small banks start getting hit with class-action lawsuits that are expensive…

CFTC Chair Giancarlo favors greater flexibility as to the means by which swaps are executed. Having a buy-side group support this direction should be further proof that the Chair is going in the right direction.

Another recommendation by MFA that is worth strong support (and Congressional amendment of Dodd-Frank) is the "made available to trade" process under which an exchange can effectively force a particular type of swap to be traded on exchange (if that type of swap is centrally…

Mr. Pan's interview is directed largely at an audience of European regulators. He carries a combined message of carrot (deference to European regulators as to home market regulation) and stick (don't force central counterparties to move to continental Europe in the wake of Brexit). This carrot and stick approach reiterates the message previously delivered by CFTC Chair Giancarlo. See ; .