O n June 3, 2003, the Treasury Department’s James Gilleran brought a chainsaw to a photo-op. While speaking to reporters, he promised to cut up piles of paper representing regulations of the financial sector. Joining him were representatives of four other U.S. regulatory agencies in charge of overseeing finance, armed with less formidable (but still sharp) gardening shears. The message was clear: The Bush Administration was tearing down the final pieces of the New Deal regulatory wall.