Beware politicians whose legislation bears a grandiose title. You can be certain their schemes will accomplish the opposite of their purported intent. Such is the case with the Wall Street Reform and Consumer Protection Act signed into law one year ago today. The massive 2,300-page tome - commonly known as Dodd-Frank - promised to fix the financial system, streamline regulation and end bailouts. Like so much of President Obama's legislative achievements, this bill promised much, delivered little and cost a great deal.
By the Government Accountability Office's reckoning, implementation will require $1.25 billion in new spending. It's not cheap marshaling an army of 2,800 newly minted federal bureaucrats wielding fresh power over the private sector. Over the next decade, businesses will shell out $27 billion in fees, assessments
Tags: Dodd, Frank, regulation, mortgage crisis, crony capitalism
Location: Washington D.C., District of Columbia, United States (load item map)
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