Professor's Pirrong's financial network models demonstrate how complexity may thwart the most well-intentioned regulatory plan. A couple of related observations:

First, many elected officials and regulators are so invested in Dodd-Frank and the regulations adopted under it, that they deny its deficiencies or the problems it creates. See, e.g., ; . Even to those who believe that Dodd-Frank is a better than bad piece of legislation, honest and critical…

For crowdfunding portals to work, Congress must provide a way for them to make money without being subject to such heavy regulatory requirements imposed by the SEC and FINRA. Otherwise, it's simply hard to see the incentive for a crowdfunding portal to operate. Below, for example, is a list of the activities that a funding portal cannot engage in (read it and please explain why anyone would want to start one):

(a) provide advice or make recommendations;

(b) solicit transactions…

Global regulators impose regulations on banks that make them less competitive in the lending market (despite the lower cost of borrowing). The report recognizes that non-banks have stepped in where the banks were disabled.

Independently of any developments in antitrust law, the Senator should ask what can be done right now to reduce the burdens of regulation. As to solutions for the "concentration problem," it would be useful if Senator Warren advocated the unqualified lightening of regulatory millstones immediately.