U.S. financial regulators judge themselves on the number of charges they bring and the amount of money they collect. It might be productive to judge success based on the quality of the rules adopted and the impact of those rules on the state of the economy.

In addition to Commissioner Giancarlo's concerns about market liquidity, his request for an "unbiased analysis" of the the systemic risk of "unprecedented capital constraining regulations on global financial and risk-transfer markets" is noteworthy. Regulators seem either reluctant or incapable of assessing whether their rulemakings have been successful, or whether certain benefits of the rulemakings might be outweighed by unintended consequences. On that topic, see this .

Central clearing was never a cure-all for risk, and it may increase systemic risk. It seems fair to ask whether regulators will be capable of coming to grips with the fact that the benefits of central clearing were radically oversold. See, e.g.,

One of the more interesting parts of the CGTF's report is the discussion of "diversity" in corporate boards of directors, since regulators from different countries expressed contrasting views on the meaning and significance of diversity, and the degree to which it should be treated as a governmental goal.