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The Editors

Penny-Wise, Wall Street-Foolish

Both Republicans and Democrats won a little and lost a little in this week’s $1.1 trillion spending agreement, as congressional negotiators reached compromises that were mostly reasonable.

Except in one area. Lawmakers unwisely denied funding increases to financial regulatory agencies, which need more resources to finish and enforce the Dodd-Frank financial reforms. This stinginess is what Wall Street wanted, of course. But it won’t protect the financial industry from regulation; it will only make the process more frustrating.