One of the debates going on regarding the overhaul of financial regulation is about what decisions Congress should make and which it should delegate to regulators and other authorities, columnist David Wessel writes. For example, the House version of the bill would give the Federal Reserve authority to prohibit proprietary trading at major financial institutions, while the Senate version would require regulators to come up with similar rules. The left says regulators are given too much authority, while the right scrutinizes big government.

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