Demand for advances from the Home Loan banks has plummeted as the Federal Reserve has flooded the financial system with liquidity. But with a nudge from Congress, these government-sponsored enterprises could remain relevant by broadening their mission and opening membership to more lenders.

The administration’s executive order on financial regulation is open to interpretation, but the document will likely serve as the touchstone for financial regulators in the years ahead.

The core problem with the living wills, as with other tools in the Dodd-Frank Act to end “too big to fail,” is that they are by definition an attempt at predicting future events.

Require megabanks to pay their stealth subsidies into a reserve available only to creditors and the FDIC. Market discipline will do the rest, as shareholders demand that the banks shrink.