The prior Administration viewed financial markets as creators of risk that had to be controlled; this Administration appears to view financial markets as creators of growth that would benefit from decreased controls. This is simply a tremendous difference in perspective and tone.

There will and should be a fair amount of discussion over these many and specific recommendations. One broad recommendation, however, stands out: restoring to both the SEC and the CFTC complete exemptive…

This rule is, undoubtedly, motivated by virtuous intentions. That does not necessarily mean that it will have a good result or will be experienced as helpful by its intended beneficiaries. One can reasonably guess that an effect of the rule will be to drive up the cost of payday loans or effectively to prohibit a good number of such loans. That might have a good result, akin to discouraging people from buying cigarettes. Or it might have a bad result, making it impossible for those who…

As was the case with the Madoff fraud, investors who thought that their money was paid out could be vulnerable to a clawback.

The realization of the "importance" of industry participation in the FSOC designation process is welcome. When FSOC designated MetLife as being systemically important, it generally ignored the views of the FSOC member with insurance industry experience. See See also .