Mr. Mulvaney argues that the CFPB should be made into an ordinary regulatory agency, accountable to Congress and with leadership composed of members of both political parties. Senator Warren's argument that Mr. Mulvaney is "killing" the CFPB by suggesting that Congress should have authority over it is very strange, particularly given the conventional wisdom that Democrats will attain a majority in at least one house of Congress in the next election.

Rather than denounce Mr. Mulvaney,…

Lanny is smart, thoughtful, careful, fair, and an excellent lawyer. At a time when regulation is becoming ever more complicated, the MSRB is fortunate to be able to hire a professional with such a broad range of management experience.

From OCIE's mouth to Compliance's ear.

The SEC's new "practice" (or hopefully it will become a practice) of testing rule changes through pilots is a positive development as an approach to regulation. The pilots must themselves be carefully selected. The notion of testing Transaction Fees seems a much better idea than the SEC's prior major test of , which seemed highly unlikely to produce any meaningful results.