The House on Tuesday chiseled away at the 2010 Dodd-Frank law, which nearly a decade ago tipped a ton of regulations down on the financial sector and, at the same time, made the “moat” protecting big banks from competition even more difficult to cross.

The Republican bill is good, as far as it goes, but it doesn’t go far enough. A real reform would scrap the entire 2010 bill and replace the Democrats’ efforts at clever, complex regulations with simple rules aimed at preventing or mitigating the return of the Too Big to Fail problem we saw during the financial crisis and subsequent bailout.