Paulson's deregulation mission.(COMMENT)(Henry Paulson)

LAST MAY, WHEN HENRY PAULSON WAS NOMINATED by President Bush to be treasury secretary, the Gold man Sachs chairman declared, "We must take steps to maintain our competitive edge in the world." Five months later, Paulson warmly embraced a private-sector Committee on Capital Markets Regulation, ostensibly to preserve America's role as the world's largest international capital market. In November, the 22-member committee--self-described as independent, bipartisan, and consisting of America's corporate and financial leaders--issued its first interim report.

Co-chaired by ...

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