The big, bad question for directors (and compliance officers) is this: Are you at risk for personal liability? Chair White cited the case of Commonwealth Capital Management (IC-31678) as an example of directors' negligence that warranted personal liability. Whether or not that case illustrates her point, directors should be mindful that their role now entails meaningful risks of personal liability if they are unable to document their oversight. Accordingly, directors also should keep records…

The GAO Report contains few, if any, surprises. A financial regulatory structure that proved incoherent even before Dodd-Frank has emerged from that legislation with more absurd complexities than before. To cite an example: the fact that five regulatory agencies are required to issue an interpretation of the Volcker Rule means that obtaining any uniform interpretation is nearly impossible. Another example: the overlap of the SEC and the CFTC in the regulation of swaps on securities –…

Politicians and regulators might want to consider requiring governmental issuers and their employees to follow the same standards of conduct that apply to private issuers and their employees.

The argument that States should find ways to encourage retirement planning should be separated from the argument over who should manage the plans. Is there any reason to believe that State-employed managers would do a better job at managing assets than private-sector managers, particularly given the very substantial existing regulation of funds by the SEC?