The financial regulators, not only the CFTC, continue to measure themselves by the amount of money that they collect.  See, e.g.  (Oct. 16, 2014).

Financial regulators should measure themselves by the quality of the markets they regulate and by the strength of the economy. The amount of money financial regulators collect through enforcement is not a measure of either. What the CFTC should care about most is not whether it continues to collect more money, but…

The above article is a corrected version of a previous Cabinet summary of ICI's position on the FSOC Improvement Bill. In our prior summary, we stated correctly that ICI opposed the designation of funds as SIFIs, but were incorrect in our statement that ICI opposed the FSOC Improvement Bill.

Governor Fischer's remarks should be considered in light of Congress members' professed concern that the Federal Reserve Board operates in a manner that is unduly free from Congressional control. 

Governor Fischer argues that the Federal Reserve Board (the "Board") is subject to legislation that requires it to be "held accountable for carrying out its mission effectively and efficiently." Unfortunately, it is not clear what this means. To whom is the Board accountable? For what…

President Dudley challenges us to consider why there is a "widespread sense" that the principle of "reciprocity" (defined as "the expectation of a quid pro quo in the relationship between society and the financial services industry [and] the basis of public trust in financial institutions) has been compromised. It may have something to do with regulators portraying participants in the financial industry as joint members of an illicit enterprise. There are bad people in finance,…