Financial services regulatory reform will continue to be active these next three plus years, with the Biden administration focused on activity at the intersection of financial regulation and social policy. However, the pace and tenor of change under the administration will be heavily influenced by the leadership of and senior personnel at the federal prudential and market regulators.

The saga of GameStop has attracted the attention of trading platforms, regulators and even the White House. Just weeks ago, major hedge funds were betting big money against the success of GameStop in the form of short sales. But that didn't stop individual investors from taking those bets. Instead, a flood of retail investors joined forces on Reddit's WallStreetBets forum to send GameStop's stock soaring. The moves by some brokers to slow down trading in these stocks raised legitimate cries of unfairness to regular investors.

The prevailing narrative of the financial crisis is that it was caused by Wall Street greed and insufficient regulation. In response, Congress passed the Dodd-Frank Act, which fundamentally reformed financial sector regulation. But what if this narrative is wrong, and the government's attempts to prevent future financial crises slowed our economic recovery? Peter Wallison discusses how the misinterpretation of the causes of the financial crisis resulted in the Dodd-Frank Act, our slow economic recovery, and the election of Donald Trump.