The rise of Bernie Sanders as a policy force among liberals has forced Hillary Clinton to lurch left this presidential primary season, from opposing the Trans-Pacific Partnership and the Keystone XL pipeline to calling for a repeal of the “Cadillac tax” on high-cost health care plans. Now she’s cobbled together a plan to protect and advance reforms of the financial industry.

Clinton’s plan does not go as far as Sanders’ or her other rivals’—there’s no proposal to reconstitute the firewall between investment and commercial banking, for example. What Clinton does endorse addresses some glaring problems in the financial system: opaque algorithmic trading, risky bets with depositor funds, and bank executives who evade justice when they break the law. Whether you think they will work depends on how you game out the likely responses to such changes.

For example, Clinton wants to strengthen the Volcker rule, the kludgy step-sister to Glass-Steagall, the investment/commercial bank firewall. The Volcker rule, named for the former Federal Reserve chair, is designed to prevent deposit-taking banks from making proprietary trades with their own funds. But it included several loopholes, including one allowing banks to invest up to three percent of their capital in hedge funds, who then make those trades. Banks haven’t even needed to sell their other stakes in hedge funds and private equity firms to get under that limit. And Goldman Sachs, in particular, has been testing the Volcker rule by redeploying money that used to fund hedge funds and buying the underlying investments outright (known as merchant banking).

Clinton wants to close the hedge fund loophole, disallowing any stakes by deposit-taking banks, and ensuring that the broadest possible definition of “hedge fund” is used to prevent regulatory gaming. But it’s not clear that this would stop Goldman’s merchant banking activity, which could wind up even riskier, because more of their own money is at stake. In fact, restricting the hedge fund stakes could lead other banks to copycat Goldman’s efforts.

Another area where the technocratic impulse could lead to unintended consequences comes with a proposed tax on high frequency trading (HFT). This rapid-fire trading done through computer algorithms takes up an increasing percentage of stock trades, with money being skimmed off very small fluctuations in price.