Our financial system is burdened with overlapping, confusing, and counterproductive regulations. The financial crisis was used as a pretext for even more expensive, burdensome regulation that didn't address the crisis' root causes.

Housing finance is also grossly distorted with government-sponsored enterprises and other interventions.

We need to reform financial regulation to allow free markets to efficiently allocate capital and allow market participants to both enjoy the rewards and suffer the failure of their own risk-taking.