by David John
We should repeal Dodd-Frank and start over
Last year's Dodd-Frank Act is essentially a trash-compactor collection of unrelated provisions thrown together in the mad rush to pass a bill, any bill. Rather than creating a comprehensive, well considered law that responded to the actual causes of the crisis,
The list of problems in the Dodd-Frank Act doesn't stop there.
It includes a housing finance provision that is supposed to force lenders to keep part of mortgages they originate, but will really make it harder for most Americans to qualify for the best mortgage rates.
Dodd-Frank also created a new
Other parts of the bill are so poorly worded that the regulators are having a very hard time figuring out what they are supposed to do. Just this week, regulators released a 298-page draft enforcing the "Volcker rule," which is supposed to prevent banks from certain supposedly risky investments. The regulators found that the line between what is necessary to do business and what is supposed to be banned is so vague that the draft includes 383 questions the regulators hope will guide them in preparing the final regulation.
At the same time, the new
The old saying is "act in haste, repent in leisure."
In the case of Dodd-Frank, it should be "act in haste, repeal most of it and start over."
Dodd-Frank Is a Counterproductive Mess | Politics
© Tribune Media Services