In 2010, Congress passed the Dodd-Frank Wall Street Reform and Consumer Protection Act, and President Obama signed it into law.
Greater regulation of investment banks largely missed the point-though it allowed powerful Democrats in Congress to blame someone other than themselves for the crisis.
One of the law's further follies is that it shackled small and mid-sized banks with the same provisions despite the fact that they had nothing to do with the financial crisis.
Among the aims of Dodd-Frank was to prevent banks from becoming "Too big to fail," the phenomenon in which top-tier institutions grow so immense that the government, and thus the taxpayer, has no choice but to bail them out or risk global meltdown.
Banks with over $50 billion in assets were all treated the same by Dodd-Frank.
Small community banks and credit unions may rebound now that they no longer face the same strict regulations as those with over $250 billion.
Under the new law, only 12 banks will need to abide by the stricter oversight.
Greater regulation of investment banks largely missed the point-though it allowed powerful Democrats in Congress to blame someone other than themselves for the crisis.
One of the law's further follies is that it shackled small and mid-sized banks with the same provisions despite the fact that they had nothing to do with the financial crisis.
Among the aims of Dodd-Frank was to prevent banks from becoming "Too big to fail," the phenomenon in which top-tier institutions grow so immense that the government, and thus the taxpayer, has no choice but to bail them out or risk global meltdown.
Banks with over $50 billion in assets were all treated the same by Dodd-Frank.
Small community banks and credit unions may rebound now that they no longer face the same strict regulations as those with over $250 billion.
Under the new law, only 12 banks will need to abide by the stricter oversight.
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