“Regulating Wall Street is an Old Testament sort of affair: Like Leviticus, it is all about the persnickety details. But politicians try to talk about it in New Testament terms, with sinners and saints, salvation and damnation. Only they can’t agree on who the sinners are — the bankers or the bureaucrats — and wherein lies salvation. Such moralizing, however, does very little to shine light on the benefits and drawbacks of the byzantine 2010 banking regulations known as Dodd-Frank.
Dodd-Frank is a sprawling piece of legislation, divided into 16 sections that together represent the most drastic change in financial regulation since the Great Depression. The law created multiple government bodies tasked with monitoring and intervening in financial markets. In the event of crisis, it stipulates new ways to dissolve large banks without requiring government bailouts. The law also created the Consumer Financial Protection Bureau, increases the regulation of hedge funds and does several thousand other things, big and small.
Nobody thinks Dodd-Frank is perfect, but there is a broad consensus on the political left that it shifted power, at least a little, from banks to consumers, and thereby made our economy slightly safer and fairer. I have heard plenty of people say that Wall Streeters and Republicans want to kill Dodd-Frank. I’m sure plenty of them do.”
Read more here: http://www.nytimes.com/2015/05/31/magazine/wall-street-is-using-the-power-of-dodd-frank-against-itself.html
Cenk Uygur (http://www.twitter.com/cenkuygur), John Iadarola (Think Tank; http://www.twitter.com/jiadarola), Ben Mankiewicz (What The Flick?! http://www.twitter.com/BenMank77) & Jimmy Dore (The Jimmy Dore Show; http://www.twitter.com/jimmy_dore) of The Young Turks break it down.
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