Dodd-Frank Disaster

In this week's Republican debate, an incredulous Charlie Rose, the moderator, exclaimed, "Clearly, you're not saying they should go to jail!"  He was referring to Newt Gingrich's indictment of Chris Dodd and Barney Frank for the financial meltdown. And the law bearing their names may be a case of the cure being even worse than the disease. Under the Dodd-Frank Wall Street Reform and Consumer Protection Act, regulators have released a draft of the so-called Volker Rule, which runs some 298 pages, with 381 footnotes and 350 questions for public comment. The rule would limit bank risk in trading for their own accounts, but  American Bank Association President Frank Keating, quoted at Forbes.com, asks how "such a simple idea could become so complex": Regulators' own estimates indicate banks will have to spend nearly 6.6 million hours to implement the rule, of which more than 1.8 million hours would be required every year in perpetuity. That translates into 3,292 years,...(Read Full Article)

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