Rolling back regulations created after the 2008 crisis has been Job 1 for leaders of many of the nation’s large and powerful banking institutions. So it’s no surprise that recent proposals for regulatory reform in the financial industry have overwhelmingly been the work of big banks or their supporters. The bankers want to return to the days when they could roll the dice, pocket their winnings and rely on the taxpayer if something went wrong.

That’s what makes a reform proposal put forward last week so unusual. It actually outlines smart ways to give regulatory relief only to low-risk, traditional banks that did not cause the financial crisis. Those institutions that did contribute to the 2008 mess get no relief under the plan.

The proposal comes from Thomas M. Hoenig, vice chairman of the Federal Deposit Insurance Corporation. In an interview last week, Mr. Hoenig told me he had been hearing more and more calls to reform the Dodd-Frank Act of 2010 and he wanted a surgical and effective response to those requests.

“There has been a lot of discussion about the need for reform,” Mr. Hoenig said. “But you can’t just say there’s too much of a burden. You have to think through what are the conditions where you might consider providing relief.”