(Bloomberg View) -- A U.S. district judge in Washington may have poked a big hole in reforms aimed at protecting millions of Americans from the next financial crisis.

It's a troubling development, and one that the government must do what it can to reverse.

At issue is the part of the 2010 Dodd-Frank Act that gave the Federal Reserve oversight of all financial institutions whose collapse could seriously hurt the U.S. economy -- be they banks, insurers, whatever.

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