With the recent publication of its final rule, the federal government's Financial Stability Oversight Council is now in position to designate certain nonbank firms as "systemically important financial institutions" (SIFIs). There is probably no aspect of the Dodd-Frank Act that will have more damaging effects on competition in the U.S. financial system.

Failures in the regulation of large complex financial institutions played an important role in the financial crisis.

For many years, community financial institutions have been denied fair and equal access to the secondary market. Banks prosper by making prudent loans with an adequate return and maintaining a reasonable cost structure. Today 97 percent of our banks are community banks and they are increasingly finding this business model under siege.

On the heel of the recent JP Morgan fiasco, American Enterprise Economist John Makin makes the case for how Dodd-Frank is an insufficient guarantor of financial stability.

The Community Reinvestment Act was a successful piece of legislation; however, the success was incomplete and came with significant costs that have increased over time as the structure of markets has evolved.

Some policymakers accept that some financial firms will inevitably be too-big-to-fail and wish to focus policy efforts on facilitating orderly bailouts and agreeing in advance on "burden-sharing" arrangements for allocating bailout costs among countries.