Governor Tarullo pursued an expansionary regulatory philosophy. He believed that financial market participants fell into two categories: banks that were at least indirectly regulated by the Federal Reserve Board, and shadow banks that were improperly avoiding regulation by the Board. (See ; .) Throughout his tenure, Governor Tarullo seemed to be oddly hostile to the securities financing markets and largely indifferent to declines in liquidity in the financial markets. (…

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The intended point of the Executive Order – that regulators should (i) consider whether the sheer volume of regulations is killing economic growth and (ii) evaluate past rulemakings periodically to consider whether they still (or ever) made sense – is completely reasonable, but the effect is another matter. However sound-bite-worthy the notion of a 2-to-1 rule might be, that is all it should have been: a sound bite. Putting that notion into the actual language of the order made for a…

Senator Warren's letter provides some useful information, but judging by the excerpts she cited from the letters she received, the information is tailored closely to her views and may not represent a fair reading of companies' full letters. Even so, her claims merit scrutiny:

1) Regarding the claim that the Fiduciary Rule will save investors $17 billion: this is highly speculative. One could just as easily claim that investors would lose the same amount of…