Congress is moving towards bipartisan agreement on changes to financial regulation, claiming to address the root causes of the market crash of 2008. The centerpiece of this legislation includes creating a group of officials to regulate "systemic risk." Unfortunately, instead of advancing transparency and empowering investors, it will do very little to address systemic risk, while adversely affecting many of America's most successful non-financial businesses. In fact, combined with other provisions of the bill, government officials will be in a position to substitute their judgment for that of investors.

Almost...