Mr. Dudley suggests that senior bank executives should be partially liable for any fines paid by the bank, apparently without regard for the need to prove any wrongdoing on the part of the executives. That does not seem quite fair, and it would certainly provide a remarkable "incentive" (to use Mr. Dudley's terminology) for experienced individuals to decide that they would not want to be senior bank executives.

FINRA's recent rule change imposing margin requirements on TBAs and other transactions has brought to light questions about the financial relationships between introducing firms, their customers, and clearing firms. It is not clear that the regulated parties, or the regulators themselves, fully understand the relationships. That said, the path to improvement may be less about amending the rules than it is about making sure that the rules are clearly communicated and understood. Introducing…

According to the summary of the GAO report:

"The U.S. regulatory structure poses challenges to fintech firms. With numerous regulators, fintech firms noted that identifying the applicable laws and how their activities will be regulated can be difficult."

A great part of the problem is the prevailing Dodd-Frank notion that more rules, more agencies and more overlapping authority means that the market is safer. The reality is that, in many cases, it…

While in the minority at the Commission, Mr. Giancarlo was constantly forward-thinking on developing legal issues such as cybersecurity, while being attentive to economic issues and consequences (such as global market fragmentation). As Chair, he has worked to improve existing rules (e.g. project KISS). He has managed this while avoiding no-win partisan arguments. If Members of Congress were looking for a model of a good regulator, Mr. Giancarlo would be high on the list.

Chair…