Sen. Chris Dodd's latest bill to fix the financial system is another failure. After months of negotiation, he's produced a "reform" of the regulatory system that simply fails to deal with the causes of the 2008 crisis -- which nearly saw the collapse of the US banking system. Reform is urgently needed, but the senator has proved incapable of significantly improving on the widely criticized plan he presented in November. With Dodd retiring after this year, the best course is probably to start over in January, under new leadership. What's wrong with the new effort? The central flaw is that...