Dodd – Frank vs. the Financial Industry
The capitalist version of the Golden Rule goes something like this, “He who has the gold, makes the rules.” This is exactly what we are seeing with the implementation of the Dodd – Frank Act. The financial institutions have the resources to stall, drag, markup, and negotiate on every one of the 243 rules, 67 studies and 22 periodic reports the Act contains. The most recent markup session was a classic example of, “The Golden Rule” at work. The House Agricultural Committee’s recent markup session included bills to gut the most important parts of the Dodd – Frank …