A group of senators from both parties is on the verge of proposing legislation that would subject financial regulations to cost-benefit analysis. Senator Elizabeth Warren has already announced her opposition. But the idea is a good one, and deserves support from liberals and conservatives alike.

Cost-benefit analysis is a technocratic policy tool, akin to net-present-value methods used by businesses to evaluate investments. It is neither liberal nor conservative; it provides a method for calculating the effect of a proposed regulation on public well-being.

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