Can Mary and Elizabeth remake the financial world for consumers?

Elizabeth Warren sought a consumer protection bureau.

Mary Schapiro of the S.E.C. has tried to help consumers.

They just might, if Elizabeth can get the job.

The women referred to are not the queens who, you may recall, did not get along too well. Their dispute ended badly for Mary.

Mary is Mary Schapiro, the chairwoman of the Securities and Exchange Commission, which this week moved to open up more price competition in the selling of mutual funds, and soon will deal with the issue of just how much responsibility a stock broker has to act in a client’s best interests.

Elizabeth is...