The criticisms of Senators Warren and Sanders reflect a misunderstanding of the difference between the roles of leaders in the private sector and leaders in government. The role of leaders in the private sector is to make money within the rules; the role of leaders in government is to make good rules that benefit the country and its citizens. If the rules do not work to produce good results, then the focus of the government should be on fixing them, not complaining about those…

In terms of the substance of the rule requirements, the CFTC largely punted responsibility (and appropriately so) either to the banking regulators or to the SEC, both of which have significantly more expertise and staff to deal with these matters. It would have been messy for the CFTC and the SEC to take different approaches to capital requirements. Firms subject to regulation by both regulators would have been forced to comply with the more conservative set of rules in any case. In…

Maintaining a sensible financial regulatory system, in which businesses can operate freely without fearing regulatory attacks, becomes impossible when the rules are too complex to interpret. It is refreshing to hear the simple statement from the new nominee for Treasury Secretary that some of the rules we have now are just "too complicated"!

On the same day that Treasury Secretary nominee Steven Mnuchin  that the Dodd-Frank Act materially discouraged commercial lending to the detriment of the economy, Comptroller Curry argued that "heightened standards" have made banks safer. Comptroller Curry's far-too-late acknowledgment that capital requirements unduly restrict lending and limit economic growth, and his recognition that the criticism is a "legitimate policy question," is an indication that the…