It may be useful to compare the pay of corporate CEOs to basketball players. , the fortieth highest paid CEO made $35.6 million. , the fortieth highest paid NBA player made $37.1 million. The athlete played on a team with a winning percentage just over 40%—that did not make the playoffs. (To be fair, he had a good individual year and the team's best player got hurt.)

In our competitive economic system, high grade talent gets rewarded because the individual's talent is…

A more direct fix to the Silicon Valley Bank failure would have been to require the bank to recognize losses on its holdings of US government securities.  

On the heels of the issued under the previous administration, the bill to undo the SEC's "interpretation" that made Rule 15c2-11 applicable to debt securities would be another meaningful correction.

By its literal terms, Rule 15c2-11 did potentially apply to debt securities. However, at the time the Rule was adopted (and for a long time thereafter), the Rule would not have applied, simply because debt securities were not traded in the manner described under the Rule. As…

Under former SEC Chair Gensler, the SEC put forward rule proposals and adopted rules at a remarkable pace, although it seemed a good deal of the time, without regard for whether the rule was (i) permitted by statute, (ii) solved a problem, (iii) practical, (iv) comprehensible, or (v) cost-justified. Much of the damage, and potential damage, is now undone.

The most significant impacts of Mr. Gensler's tenure come from the reduction in the time of settlement from T+2 to T+1, the…