diff --git a/cranelift/src/utils.rs b/cranelift/src/utils.rs
index 4d54cf118a..ee879d0843 100644
--- a/cranelift/src/utils.rs
+++ b/cranelift/src/utils.rs
@@ -61,9 +61,9 @@ pub fn parse_sets_and_isa(flag_set: &[String], flag_isa: &str) -> Result<OwnedFl
             .map_err(|err| err.to_string())?;
 
         Ok(OwnedFlagsOrIsa::Isa(
-            isa_builder.finish(settings::Flags::new(&flag_builder)),
+            isa_builder.finish(settings::Flags::new(flag_builder)),
         ))
     } else {
-        Ok(OwnedFlagsOrIsa::Flags(settings::Flags::new(&flag_builder)))
+        Ok(OwnedFlagsOrIsa::Flags(settings::Flags::new(flag_builder)))
     }
 }
diff --git a/lib/codegen/meta/gen_settings.py b/lib/codegen/meta/gen_settings.py
index 5f760b88e5..3fa0cf7b2e 100644
--- a/lib/codegen/meta/gen_settings.py
+++ b/lib/codegen/meta/gen_settings.py
@@ -262,7 +262,7 @@ def gen_constructor(sgrp, parent, fmt):
     """
 
     with fmt.indented('impl Flags {', '}'):
-        args = 'builder: &Builder'
+        args = 'builder: Builder'
         if sgrp.parent:
             p = sgrp.parent
             args = '{}: &{}::Flags, {}'.format(p.name, p.qual_mod, args)
diff --git a/lib/codegen/src/dominator_tree.rs b/lib/codegen/src/dominator_tree.rs
index b717d524e3..0e48ce8d81 100644
--- a/lib/codegen/src/dominator_tree.rs
+++ b/lib/codegen/src/dominator_tree.rs
@@ -929,7 +929,7 @@ mod test {
 
         cfg.compute(cur.func);
 
-        let flags = settings::Flags::new(&settings::builder());
+        let flags = settings::Flags::new(settings::builder());
         verify_context(cur.func, &cfg, &dt, &flags).unwrap();
     }
 }
diff --git a/lib/codegen/src/isa/arm32/mod.rs b/lib/codegen/src/isa/arm32/mod.rs
index 967c21a1ba..227ba39fd9 100644
--- a/lib/codegen/src/isa/arm32/mod.rs
+++ b/lib/codegen/src/isa/arm32/mod.rs
@@ -33,7 +33,7 @@ pub fn isa_builder() -> IsaBuilder {
 
 fn isa_constructor(
     shared_flags: shared_settings::Flags,
-    builder: &shared_settings::Builder,
+    builder: shared_settings::Builder,
 ) -> Box<TargetIsa> {
     let level1 = if shared_flags.is_compressed() {
         &enc_tables::LEVEL1_T32[..]
diff --git a/lib/codegen/src/isa/arm64/mod.rs b/lib/codegen/src/isa/arm64/mod.rs
index 27c95f51b3..0d4f4a5397 100644
--- a/lib/codegen/src/isa/arm64/mod.rs
+++ b/lib/codegen/src/isa/arm64/mod.rs
@@ -32,7 +32,7 @@ pub fn isa_builder() -> IsaBuilder {
 
 fn isa_constructor(
     shared_flags: shared_settings::Flags,
-    builder: &shared_settings::Builder,
+    builder: shared_settings::Builder,
 ) -> Box<TargetIsa> {
     Box::new(Isa {
         isa_flags: settings::Flags::new(&shared_flags, builder),
diff --git a/lib/codegen/src/isa/mod.rs b/lib/codegen/src/isa/mod.rs
index ed626a60a2..d94eb37830 100644
--- a/lib/codegen/src/isa/mod.rs
+++ b/lib/codegen/src/isa/mod.rs
@@ -24,7 +24,7 @@
 //! use cretonne_codegen::isa;
 //!
 //! let shared_builder = settings::builder();
-//! let shared_flags = settings::Flags::new(&shared_builder);
+//! let shared_flags = settings::Flags::new(shared_builder);
 //!
 //! match isa::lookup("riscv") {
 //!     Err(_) => {
@@ -117,14 +117,14 @@ pub enum LookupError {
 /// Modify the ISA-specific settings before creating the `TargetIsa` trait object with `finish`.
 pub struct Builder {
     setup: settings::Builder,
-    constructor: fn(settings::Flags, &settings::Builder) -> Box<TargetIsa>,
+    constructor: fn(settings::Flags, settings::Builder) -> Box<TargetIsa>,
 }
 
 impl Builder {
     /// Combine the ISA-specific settings with the provided ISA-independent settings and allocate a
     /// fully configured `TargetIsa` trait object.
     pub fn finish(self, shared_flags: settings::Flags) -> Box<TargetIsa> {
-        (self.constructor)(shared_flags, &self.setup)
+        (self.constructor)(shared_flags, self.setup)
     }
 }
 
diff --git a/lib/codegen/src/isa/riscv/mod.rs b/lib/codegen/src/isa/riscv/mod.rs
index af993aad0d..bcddc496d0 100644
--- a/lib/codegen/src/isa/riscv/mod.rs
+++ b/lib/codegen/src/isa/riscv/mod.rs
@@ -33,7 +33,7 @@ pub fn isa_builder() -> IsaBuilder {
 
 fn isa_constructor(
     shared_flags: shared_settings::Flags,
-    builder: &shared_settings::Builder,
+    builder: shared_settings::Builder,
 ) -> Box<TargetIsa> {
     let level1 = if shared_flags.is_64bit() {
         &enc_tables::LEVEL1_RV64[..]
@@ -130,7 +130,7 @@ mod tests {
     fn test_64bitenc() {
         let mut shared_builder = settings::builder();
         shared_builder.enable("is_64bit").unwrap();
-        let shared_flags = settings::Flags::new(&shared_builder);
+        let shared_flags = settings::Flags::new(shared_builder);
         let isa = isa::lookup("riscv").unwrap().finish(shared_flags);
 
         let mut func = Function::new();
@@ -180,7 +180,7 @@ mod tests {
     fn test_32bitenc() {
         let mut shared_builder = settings::builder();
         shared_builder.set("is_64bit", "false").unwrap();
-        let shared_flags = settings::Flags::new(&shared_builder);
+        let shared_flags = settings::Flags::new(shared_builder);
         let isa = isa::lookup("riscv").unwrap().finish(shared_flags);
 
         let mut func = Function::new();
@@ -234,7 +234,7 @@ mod tests {
     fn test_rv32m() {
         let mut shared_builder = settings::builder();
         shared_builder.set("is_64bit", "false").unwrap();
-        let shared_flags = settings::Flags::new(&shared_builder);
+        let shared_flags = settings::Flags::new(shared_builder);
 
         // Set the supports_m stting which in turn enables the use_m predicate that unlocks
         // encodings for imul.
diff --git a/lib/codegen/src/isa/riscv/settings.rs b/lib/codegen/src/isa/riscv/settings.rs
index 4a127b578a..a5bdd6b850 100644
--- a/lib/codegen/src/isa/riscv/settings.rs
+++ b/lib/codegen/src/isa/riscv/settings.rs
@@ -16,9 +16,9 @@ mod tests {
 
     #[test]
     fn display_default() {
-        let shared = settings::Flags::new(&settings::builder());
+        let shared = settings::Flags::new(settings::builder());
         let b = builder();
-        let f = Flags::new(&shared, &b);
+        let f = Flags::new(&shared, b);
         assert_eq!(
             f.to_string(),
             "[riscv]\n\
@@ -35,20 +35,20 @@ mod tests {
 
     #[test]
     fn predicates() {
-        let shared = settings::Flags::new(&settings::builder());
+        let shared = settings::Flags::new(settings::builder());
         let mut b = builder();
         b.enable("supports_f").unwrap();
         b.enable("supports_d").unwrap();
-        let f = Flags::new(&shared, &b);
+        let f = Flags::new(&shared, b);
         assert_eq!(f.full_float(), true);
 
         let mut sb = settings::builder();
         sb.set("enable_simd", "false").unwrap();
-        let shared = settings::Flags::new(&sb);
+        let shared = settings::Flags::new(sb);
         let mut b = builder();
         b.enable("supports_f").unwrap();
         b.enable("supports_d").unwrap();
-        let f = Flags::new(&shared, &b);
+        let f = Flags::new(&shared, b);
         assert_eq!(f.full_float(), false);
     }
 }
diff --git a/lib/codegen/src/isa/x86/mod.rs b/lib/codegen/src/isa/x86/mod.rs
index 6bbde318a5..787ec4a992 100644
--- a/lib/codegen/src/isa/x86/mod.rs
+++ b/lib/codegen/src/isa/x86/mod.rs
@@ -35,7 +35,7 @@ pub fn isa_builder() -> IsaBuilder {
 
 fn isa_constructor(
     shared_flags: shared_settings::Flags,
-    builder: &shared_settings::Builder,
+    builder: shared_settings::Builder,
 ) -> Box<TargetIsa> {
     let level1 = if shared_flags.is_64bit() {
         &enc_tables::LEVEL1_I64[..]
diff --git a/lib/codegen/src/isa/x86/settings.rs b/lib/codegen/src/isa/x86/settings.rs
index 379f0db493..84d0e96f06 100644
--- a/lib/codegen/src/isa/x86/settings.rs
+++ b/lib/codegen/src/isa/x86/settings.rs
@@ -15,38 +15,38 @@ mod tests {
 
     #[test]
     fn presets() {
-        let shared = settings::Flags::new(&settings::builder());
+        let shared = settings::Flags::new(settings::builder());
 
         // Nehalem has SSE4.1 but not BMI1.
-        let mut b1 = builder();
-        b1.enable("nehalem").unwrap();
-        let f1 = Flags::new(&shared, &b1);
-        assert_eq!(f1.has_sse41(), true);
-        assert_eq!(f1.has_bmi1(), false);
+        let mut b0 = builder();
+        b0.enable("nehalem").unwrap();
+        let f0 = Flags::new(&shared, b0);
+        assert_eq!(f0.has_sse41(), true);
+        assert_eq!(f0.has_bmi1(), false);
 
-        let mut b2 = builder();
-        b2.enable("haswell").unwrap();
-        let f2 = Flags::new(&shared, &b2);
-        assert_eq!(f2.has_sse41(), true);
-        assert_eq!(f2.has_bmi1(), true);
+        let mut b1 = builder();
+        b1.enable("haswell").unwrap();
+        let f1 = Flags::new(&shared, b1);
+        assert_eq!(f1.has_sse41(), true);
+        assert_eq!(f1.has_bmi1(), true);
     }
     #[test]
     fn display_presets() {
         // Spot check that the flags Display impl does not cause a panic
-        let shared = settings::Flags::new(&settings::builder());
+        let shared = settings::Flags::new(settings::builder());
 
-        let b1 = builder();
-        let f1 = Flags::new(&shared, &b1);
+        let b0 = builder();
+        let f0 = Flags::new(&shared, b0);
+        let _ = format!("{}", f0);
+
+        let mut b1 = builder();
+        b1.enable("nehalem").unwrap();
+        let f1 = Flags::new(&shared, b1);
         let _ = format!("{}", f1);
 
         let mut b2 = builder();
-        b2.enable("nehalem").unwrap();
-        let f2 = Flags::new(&shared, &b1);
+        b2.enable("haswell").unwrap();
+        let f2 = Flags::new(&shared, b2);
         let _ = format!("{}", f2);
-
-        let mut b3 = builder();
-        b3.enable("haswell").unwrap();
-        let f3 = Flags::new(&shared, &b1);
-        let _ = format!("{}", f3);
     }
 }
diff --git a/lib/codegen/src/regalloc/pressure.rs b/lib/codegen/src/regalloc/pressure.rs
index 2c86050c59..49eb224e6d 100644
--- a/lib/codegen/src/regalloc/pressure.rs
+++ b/lib/codegen/src/regalloc/pressure.rs
@@ -281,7 +281,7 @@ mod tests {
         use settings;
 
         let shared_builder = settings::builder();
-        let shared_flags = settings::Flags::new(&shared_builder);
+        let shared_flags = settings::Flags::new(shared_builder);
 
         isa::lookup("arm32").ok().map(|b| b.finish(shared_flags))
     }
diff --git a/lib/codegen/src/regalloc/solver.rs b/lib/codegen/src/regalloc/solver.rs
index f3c14c9d81..80c7f862e2 100644
--- a/lib/codegen/src/regalloc/solver.rs
+++ b/lib/codegen/src/regalloc/solver.rs
@@ -1157,7 +1157,7 @@ mod tests {
         use settings;
 
         let shared_builder = settings::builder();
-        let shared_flags = settings::Flags::new(&shared_builder);
+        let shared_flags = settings::Flags::new(shared_builder);
 
         isa::lookup("arm32").ok().map(|b| b.finish(shared_flags))
     }
diff --git a/lib/codegen/src/settings.rs b/lib/codegen/src/settings.rs
index f238cb601a..39416a298f 100644
--- a/lib/codegen/src/settings.rs
+++ b/lib/codegen/src/settings.rs
@@ -16,7 +16,7 @@
 //! let mut b = settings::builder();
 //! b.set("opt_level", "fastest");
 //!
-//! let f = settings::Flags::new(&b);
+//! let f = settings::Flags::new(b);
 //! assert_eq!(f.opt_level(), settings::OptLevel::Fastest);
 //! ```
 
@@ -44,6 +44,7 @@ pub trait Configurable {
 }
 
 /// Collect settings values based on a template.
+#[derive(Clone)]
 pub struct Builder {
     template: &'static detail::Template,
     bytes: Box<[u8]>,
@@ -354,7 +355,7 @@ mod tests {
     #[test]
     fn display_default() {
         let b = builder();
-        let f = Flags::new(&b);
+        let f = Flags::new(b);
         assert_eq!(
             f.to_string(),
             "[shared]\n\
@@ -388,7 +389,7 @@ mod tests {
         assert_eq!(b.enable("enable_simd"), Ok(()));
         assert_eq!(b.set("enable_simd", "false"), Ok(()));
 
-        let f = Flags::new(&b);
+        let f = Flags::new(b);
         assert_eq!(f.enable_simd(), false);
     }
 
@@ -402,7 +403,7 @@ mod tests {
         assert_eq!(b.set("opt_level", "best"), Ok(()));
         assert_eq!(b.set("enable_simd", "0"), Ok(()));
 
-        let f = Flags::new(&b);
+        let f = Flags::new(b);
         assert_eq!(f.enable_simd(), false);
         assert_eq!(f.opt_level(), super::OptLevel::Best);
     }
diff --git a/lib/codegen/src/verifier/mod.rs b/lib/codegen/src/verifier/mod.rs
index 6408b61977..6db1f871f7 100644
--- a/lib/codegen/src/verifier/mod.rs
+++ b/lib/codegen/src/verifier/mod.rs
@@ -1175,7 +1175,7 @@ mod tests {
     #[test]
     fn empty() {
         let func = Function::new();
-        let flags = &settings::Flags::new(&settings::builder());
+        let flags = &settings::Flags::new(settings::builder());
         let verifier = Verifier::new(&func, flags.into());
         assert_eq!(verifier.run(), Ok(()));
     }
@@ -1198,7 +1198,7 @@ mod tests {
             }),
             ebb0,
         );
-        let flags = &settings::Flags::new(&settings::builder());
+        let flags = &settings::Flags::new(settings::builder());
         let verifier = Verifier::new(&func, flags.into());
         assert_err_with_msg!(verifier.run(), "instruction format");
     }
diff --git a/lib/frontend/src/frontend.rs b/lib/frontend/src/frontend.rs
index 1f2c818f99..b2e6385722 100644
--- a/lib/frontend/src/frontend.rs
+++ b/lib/frontend/src/frontend.rs
@@ -688,7 +688,7 @@ mod tests {
             builder.finalize();
         }
 
-        let flags = settings::Flags::new(&settings::builder());
+        let flags = settings::Flags::new(settings::builder());
         let res = verify_function(&func, &flags);
         // println!("{}", func.display(None));
         match res {
diff --git a/lib/frontend/src/lib.rs b/lib/frontend/src/lib.rs
index 65d76fd279..3e43d04a84 100644
--- a/lib/frontend/src/lib.rs
+++ b/lib/frontend/src/lib.rs
@@ -117,7 +117,7 @@
 //!         builder.finalize();
 //!     }
 //!
-//!     let flags = settings::Flags::new(&settings::builder());
+//!     let flags = settings::Flags::new(settings::builder());
 //!     let res = verify_function(&func, &flags);
 //!     println!("{}", func.display(None));
 //!     match res {
diff --git a/lib/frontend/src/ssa.rs b/lib/frontend/src/ssa.rs
index 9c07730de9..422cb05931 100644
--- a/lib/frontend/src/ssa.rs
+++ b/lib/frontend/src/ssa.rs
@@ -1021,7 +1021,7 @@ mod tests {
             let mut cur = FuncCursor::new(&mut func).at_bottom(ebb1);
             cur.ins().return_(&[])
         };
-        let flags = settings::Flags::new(&settings::builder());
+        let flags = settings::Flags::new(settings::builder());
         match verify_function(&func, &flags) {
             Ok(()) => {}
             Err(err) => {
@@ -1200,7 +1200,7 @@ mod tests {
             ssa.declare_ebb_predecessor(ebb1, block2, j);
         }
         ssa.seal_ebb_header_block(ebb1, &mut func);
-        let flags = settings::Flags::new(&settings::builder());
+        let flags = settings::Flags::new(settings::builder());
         match verify_function(&func, &flags) {
             Ok(()) => {}
             Err(err) => {
@@ -1251,7 +1251,7 @@ mod tests {
         }
         ssa.seal_ebb_header_block(ebb1, &mut func);
         ssa.seal_ebb_header_block(ebb2, &mut func);
-        let flags = settings::Flags::new(&settings::builder());
+        let flags = settings::Flags::new(settings::builder());
         match verify_function(&func, &flags) {
             Ok(()) => {}
             Err(err) => {
diff --git a/lib/reader/src/parser.rs b/lib/reader/src/parser.rs
index 8ee584075c..67e6939910 100644
--- a/lib/reader/src/parser.rs
+++ b/lib/reader/src/parser.rs
@@ -725,14 +725,16 @@ impl<'a> Parser<'a> {
                     isaspec::parse_options(words, &mut isa_builder, &self.loc)?;
 
                     // Construct a trait object with the aggregate settings.
-                    isas.push(isa_builder.finish(settings::Flags::new(&flag_builder)));
+                    isas.push(isa_builder.finish(
+                        settings::Flags::new(flag_builder.clone()),
+                    ));
                 }
                 _ => break,
             }
         }
         if !seen_isa {
             // No `isa` commands, but we allow for `set` commands.
-            Ok(isaspec::IsaSpec::None(settings::Flags::new(&flag_builder)))
+            Ok(isaspec::IsaSpec::None(settings::Flags::new(flag_builder)))
         } else if let Some(loc) = last_set_loc {
             err!(
                 loc,
diff --git a/lib/simplejit/src/backend.rs b/lib/simplejit/src/backend.rs
index a73140a1aa..c7785e04a7 100644
--- a/lib/simplejit/src/backend.rs
+++ b/lib/simplejit/src/backend.rs
@@ -22,7 +22,7 @@ impl SimpleJITBuilder {
         let (flag_builder, isa_builder) = cretonne_native::builders().unwrap_or_else(|_| {
             panic!("host machine is not a supported target");
         });
-        let isa = isa_builder.finish(settings::Flags::new(&flag_builder));
+        let isa = isa_builder.finish(settings::Flags::new(flag_builder));
         Self::with_isa(isa)
     }
 
diff --git a/lib/wasm/src/environ/dummy.rs b/lib/wasm/src/environ/dummy.rs
index 2b1fbfbfc7..68927101cf 100644
--- a/lib/wasm/src/environ/dummy.rs
+++ b/lib/wasm/src/environ/dummy.rs
@@ -101,7 +101,7 @@ pub struct DummyEnvironment {
 impl DummyEnvironment {
     /// Allocates the data structures with default flags.
     pub fn default() -> Self {
-        Self::with_flags(settings::Flags::new(&settings::builder()))
+        Self::with_flags(settings::Flags::new(settings::builder()))
     }
 
     /// Allocates the data structures with the given flags.
diff --git a/lib/wasm/tests/wasm_testsuite.rs b/lib/wasm/tests/wasm_testsuite.rs
index 15feea4b55..1871b4d781 100644
--- a/lib/wasm/tests/wasm_testsuite.rs
+++ b/lib/wasm/tests/wasm_testsuite.rs
@@ -32,7 +32,7 @@ fn testsuite() {
         })
         .collect();
     paths.sort_by_key(|dir| dir.path());
-    let flags = Flags::new(&settings::builder());
+    let flags = Flags::new(settings::builder());
     for path in paths {
         let path = path.path();
         handle_module(&path, &flags);
@@ -43,7 +43,7 @@ fn testsuite() {
 fn return_at_end() {
     let mut flag_builder = settings::builder();
     flag_builder.enable("return_at_end").unwrap();
-    let flags = Flags::new(&flag_builder);
+    let flags = Flags::new(flag_builder);
     handle_module(&PathBuf::from("../../wasmtests/return_at_end.wat"), &flags);
 }