I am glad you are making an attempt to do something and I agree that this could be catastrophic to this industry and the vagueness of the wording is disturbing.

Most people are aware of my stance on burdensome regulations. They usually are not properly vetted, different regulatory agencies do not play nice with each other and they do not take into account the evolution of the Financial Markets.

People can point to the Doody Frankenstein act and the problematic Volcker rule with the costly and mostly ineffective and useless disclosures and compliance to point the way to smarter regulation before they make more catastrophic decisons.