One of the original concepts behind the Bank Holding Company Act (the "BHCA") was that if banks were allowed to get into commercial activities, they would have an undue advantage because of their access to cheaper funding than ordinary commercial businesses. With the "Keep Big Tech Out of Finance Act," the logic of the BHCA is effectively reversed: big tech would have an unfair advantage over financial companies because of their better access to data. See generally . In effect, access to…

The principal point of the statement was to assert that Libra will be operated in full compliance with all relevant national laws. As to one of the key questions concerning whether Libra coins might be a "security," Mr. Marcus stated that it would not be because "Libra is a payment tool, not an investment. People will not buy it to hold like they would a stock or bond, expecting it to pay income or increase its value. Libra is like cash."

Notwithstanding Mr. Marcus' assertion, Libra…

The purposes of the bills fall into two broad categories: (i) to enable consumers to view and correct potentially inaccurate information; and (ii) to limit the consumer credit information that is available to users. For example, under one bill, negative credit information would only be accessible for four years. Under another bill, employers would generally be prevented from using credit information in employment decisions.

The first purpose is reasonably easy to justify. The second…

When Regulation Best Interest was proposed, then-Commissioner Stein dissented from the proposal, saying it did not go as far as the DOL's Fiduciary Rule Proposal; and while Commissioner Jackson voted to allow the proposal to go forward, he also criticized it as not going far enough. This should have served as a warning to Chair Clayton than any regulation that he adopted short of an imitation of the DOL's Fiduciary Rule was going to be the target of substantial criticism. Chair Clayton…