As former members of the NRC Committee on Mitigating Wetland Losses, we were encouraged to see that the federal agencies seriously considered our report and issued a regulation in April 2008 that seeks to implement our recommendations. This Article offers our thoughts on the new regulation in light of our report, as well as patterns and rates of wetland loss since 2001. After providing a brief background on the Clean Water Act and the NRC report, we examine the extent to which the new regulation incorporates several of our primary recommendations. In particular, we consider whether and how the regulation addresses our recommendations concerning the watershed approach; operational guidelines and performance standards; and the treatment of mitigation banks, in-lieu fee programs, and permittee-responsible mitigation. While the new regulation represents significant progress, its effectiveness (or lack thereof) will depend on implementation in the field. Will the agencies have sufficient resources and the institutional will to assess adequately proposed plans and ensure compliance? As the agencies proceed, we urge them to renew an emphasis on avoidance of wetland impacts. We also urge them to apply adaptive management principles to the new rule: evaluate and adjust in light of experience.