Congratulations to Jim Wallin for vetoing the coffee roasting point in the recent ordinance.

Senate Banking Committee Chairman Christopher J. Dodd, D-Conn., insists the ambitious draft financial regulation bill that he unveiled is not about Fed-bashing. Yes, it would transfer the Fed's consumer protection functions to a new agency. And true, whereas House Financial Services Committee Chairman Barney Frank, D-Mass., would put the Fed in charge of "systemically important" financial firms, Mr. Dodd would create a board on which the Fed is merely represented. But the goal, Mr. Dodd says, is to enhance Fed independence by allowing it "to get back to its core enterprise."