Facts belie the legislators' political assertion that Dodd-Frank has had the effect of shrinking big firms and increasing market share for smaller firms. A look at the three most significant types of Dodd-Frank-regulated financial intermediaries: banks, broker-dealers and futures commission merchants ("FCMs") makes this clear:

In the case of FCMs, CFTC Commissioner J. Christopher Giancarlo provides the statistics: "[T]he number of FCMs has dramatically fallen in the past…

The proposed bill is a politically charged document. Most of it cannot withstand economic scrutiny. At a minimum, the legislators should (i) quantify the costs of the proposal and (ii) discuss the effect that raising financial transaction costs for no economic reason will have on business activities in the United States.

Consider the proposed requirement that closeout netting cannot be used to determine capital requirements: if Firm A owed Firm B five dollars on one…

Mr. Dudek has had a long and distinguished career as a public servant.

FSOC deserves credit for rescinding its original SIFI designation. It should specify fully the criteria used for the determination and the removal of its designation, as well as the procedures involved in making it. Notwithstanding this action taken by the FSOC, Congress should revisit the provisions of Dodd-Frank that established the designation process, and should reconsider whether it was good government to grant such open-ended authority to a regulatory…