Financial Sector Regulation Legislation

http://online.wsj.com/article/SB124510939421616939.html#mod=rss_whats_news_us

I'm a big fan of the opposite opinions sought for by the current administration; and I'm a huge supporter of Lawrence Summers, his intellect, and the way he goes about things. However, the proposed legislation (at least the way it was described in this article, I haven't read the legislation per se) gives the federal government way too much power. Limiting the amount of risk that institutions can take on, being able to break them up, and being able to change the way loans are scrutinized are places that the government should have no place. Limiting the variety of functions that a single institution can provide is one major step to lessen the size and impact of single institutions that I think the government can take. Legislating how much risk to take on drastically undermines any sort of free market system.