Dodd-Frank: Obama’s other big bad law

wallstreetobamadoddfrankIn July 2010, four months after President Obama signed his universal health-care act into law, he enacted his other signature achievement, the Dodd-Frank financial reform law. Although we haven’t paid as much attention to it, Dodd-Frank is as flawed in its own way as Obamacare, with a similar potential to harm ordinary Americans. And the failures have similar origins.

For starters, both Obamacare and Dodd-Frank are too long. Obamacare clocks in at 906 pages; Dodd-Frank is 849 pages. By contrast, the 1965 act creating Medicare ran 138 pages, and the Securities Act of 1933 – a cornerstone of financial regulation that helped prevent meltdowns for five decades – ran just 93 pages…


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