Governor Tarullo's assertion that all types of institutions engaged in the same activity should be subject to the same regulation seems commonsensical. Upon closer consideration, however, that conclusion is less obvious. For example, should it really be the case that a bank, a broker-dealer that is not affiliated with a bank, and an unregulated hedge fund be subject to the same requirements when entering into a repurchase transaction or a swap? Banks take in large amounts…

The argument that these Executive Orders are applicable to the CFPB as an "executive agency," raises practical questions. Should the Orders apply retroactively to rules that were adopted by the CFPB already, since the CFPB should not have been operating as an independent agency? Should the CFPB perform a clean review of its prior rulemakings to conform them to the regulatory requirements to which the CFPB should have been subject?

On , Mr. Dudley has expressed his view that the "culture" of the financial industry is fundamentally flawed. On what basis does Mr. Dudley avow that ethical sins are more prevalent in the financial industry than in other industries or fields of human endeavor? Obviously, regulators should pursue financial institutions and professionals that break the law, but answering one's calling is quite different from claiming that those who work in the financial industry are likelier to be sinners…

Before they ask the OTC derivatives markets to spend tremendous amounts of money collecting and reporting this data, regulators should consider whether the end result will be useful. The government's actual need for much of the data it requires is not obvious.