Columnist Dennis K. Berman argues that while significant issues remain in the financial system, policymakers, politicians and other officials are focusing on the wrong areas. "Be it the much-discussed 'Volcker rule' that limits bank investments in proprietary trading and private equity, or the inability to improve disclosure for complicated derivatives, Washington seems to have fixated on the effects, not the causes, of our recent financial calamity," Berman writes.

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