In his testimony on the strength of the federal banking system, Mr. Hsu neglected to mention that there were horrific failures by state-regulated banks during his tenure. It would be interesting to hear his views on why the regulation of those banks failed and his opinion as to what might be learned from those failures.  

Mr. Gruenberg stated that he will resign on January 19, 2025, the day before President-elect Donald Trump takes office.  

As to whether event contracts on elections should be prohibited, as it stands, the does not seem to prohibit the contracts, and the CFTC should not stretch the word or its authority to reach a desired result. If Congress wants to amend the CEA to prohibit election contracts, there is plenty of time before the next election.  

Among several justifications for its disputed Order banning election contracts, the CFTC argued that these contracts were potentially subject to…

The SEC's mission is to adopt regulations that benefit the economy as much as it is to bring enforcement actions. But the SEC derives its reputational prestige and its presence in the newspapers from enforcement actions. As a result, the agency tends to overvalue enforcement actions. Giving greater discretion to enforcement staff bolsters that tendency. At the same time, the agency gives almost no discretionary authority to regulatory staff to provide no-action relief that might facilitate…