James Kwak writes,

There is no inconsistency between this proposal and Macey’s general skepticism about regulation. What he is skeptical about is the government’s ability to precisely engineer desired market outcomes. Instead, what he prefers is a simple rule that makes possible free market competition without the distorting effect of implicit government subsidies: “Our proposed approach does not require any restrictions on activities of banks or on the location of those activities of any kind. Our only restriction is on the size of financial institutions.”

He is referring to this paper by Jonathan R. Macey and James P. Holdcroft, Jr. As you know, I take a similar view.

I think maybe I saw Macey at a conference put on by the Bruno Leoni Institute last summer. I could be wrong…