Recent history has shown just how resilient our financial markets can be in the face of volatility and chaos. But they are not immune to the consequences of overzealous rulemaking.
The pace and scope of financial regulatory proposals from the SEC under the chairmanship of Gary Gensler is reminiscent of what occurred following the financial crisis of 2008-09. Last fall, the SEC signaled its plans to promulgate 54 separate rules. To date, the commission has released 24 of those rules for public comment—16 during the first quarter...