Financial regulation is as important a kind of regulation as any, and the Basel Committee's multinational effort to narrow the definition of the regulatory capital that the banks must hold, and to institute leverage requirements on how much they can loan out above that regulatory capital is, quite possibly, a trillion dollar rule.  It doesn't make the most recent response to comments and timeline for implementation of the proposed rule any more interesting.  I can tell you that this is all being done through an increasingly institutionalized administrative process via a body that has no formal legal authority, and only post hoc endorsements in Dodd-Frank, all I want - it doesn't mean you'll peruse the comments, the response, or the rule with, shall we say, brio.  The Times calls it nothing less than "a preliminary agreement Monday on new standards to reinforce the stability of the global financial system."  That is something we all should read, right?

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