When President Obama signed the Dodd-Frank
overhaul of financial regulation in the summer of 2010, he cast the
law's passage in explicitly historic terms: “These reforms
represent the strongest consumer financial protections in history,”
he
said.
He had grand ambitions for the new rules and regulations, which he promised would, among other things, “rein in the abuse and excess that nearly brought down our financial system. It will finally bring transparency to the kinds of complex and risky transactions that helped trigger the financial crisis.” Also, the law would make borrowing contracts simpler, end taxpayer funded bailouts, and provide "certainty to everybody, from bankers to farmers to business owners to consumers."
How, exactly, would the law’s many lofty goals be accomplished? Well, that was still yet to be determined. Initial counts indicated the law called for 67 new studies to be undertaken and for federal regulators to write 243 new rules. (Current counts have the number of new rules to be written at 398.) In other words, they had passed TBD legislation, and they would figure out how it all worked when they got there.
Read more: http://reason.com/blog/2012/09/19/dodd-frank-financial-regulation-well-fig
He had grand ambitions for the new rules and regulations, which he promised would, among other things, “rein in the abuse and excess that nearly brought down our financial system. It will finally bring transparency to the kinds of complex and risky transactions that helped trigger the financial crisis.” Also, the law would make borrowing contracts simpler, end taxpayer funded bailouts, and provide "certainty to everybody, from bankers to farmers to business owners to consumers."
How, exactly, would the law’s many lofty goals be accomplished? Well, that was still yet to be determined. Initial counts indicated the law called for 67 new studies to be undertaken and for federal regulators to write 243 new rules. (Current counts have the number of new rules to be written at 398.) In other words, they had passed TBD legislation, and they would figure out how it all worked when they got there.
Read more: http://reason.com/blog/2012/09/19/dodd-frank-financial-regulation-well-fig
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