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The market for asset-backed securities has reopened after being frozen for a week. It's the first example of how unintended consequences from the Dodd-Frank overhaul can create mischief in the financial markets. Are bigger changes coming?

The Securities and Exchange Commission is set to release a major new regulatory proposal -- some 600 pages long -- aimed at reining in the $2.1 trillion asset-backed securities market that played such a prominent part in sparking the financial crisis.

I have to hand it to Federal Deposit Insurance Corp. Chairwoman Sheila Bair: The former University of Massachusetts economics professor gets it right on key policy issues. She's right about ending the doctrine of too-big-to-fail, and now she's proposing an idea that I've been pushing with no effect...