This post is cross-referenced with The Daily Post prompt called: Wind
The reason I have chosen to include this article is because I have the question: how can a 37-page document grow to thousands of pages which are basically trying to do the “same” thing. That is, separate banking activities in order to protect the consumer?
This is indeed a mega eye crosser!
At the Republication debate which was broadcasted on Fox on August 7, 2015, Mario Rubio remarked that he wants to revoke the Dodd-Frank Act. Well, in order for us to TRY to understand what the Dodd-Frank Act is, as usual I offer some web links for your perusal.
How did we get from Glass-Steagall to Dodd-Frank? How did we go from 37 or so pages of legislation to thousands of pages of legislation? Here’s a link to the Act at the Government printing office. In an earlier posting: Glass-Steagall act | The Mono-Economy of 2015, I comment specifically upon the “Volcker Rule”, this rule is only one (1) portion of the Dodd-Frank Act. Since I am not a lawyer, I will leave the “lawyering” to the lawyers. I am including a link to a PDF on the Morrison & Foerster website. This report was written at the FOURTH anniversary of the enactment of Dodd-Frank. Dodd-Frank at 4: Where do we go from here? is a 95-page update to the status of implementing the Dodd-Frank Act since it was enacted by the Federal Government of the United States on July 21, 2010. Incidentally, there is an update of the Volcker Rule on pages 4 and 5 of the report.
At the U.S. Securities and Exchange Commission website, www.sec.gov, there are links to the CURRENT status of specific provisions of the Dodd-Frank Act. Also, links to reports and studies required under the Dodd-Frank Act.
At the U.S. Commodities Futures Trading Commission, www.cftc.gov, there are references to the derivatives markets. The derivatives markets are the “bad guys” that caused the mortgage markets to implode. If you did not view the Frontline documentary that relates to early identification of the derivatives dangers to our financial system, here’s a link to my blog posting entitled: Regulate Derivatives? No Way!!!
The Washington Post has a blog that contains the entry Does Dodd-Frank really work? We asked 16 experts to find out. The blog is dated July 20, 2013 and is by Mike Konczal. This blog was written at the THIRD anniversary of the enactment of Dodd-Frank.
OK, just one more link, well… it’s two. This one is Francine McKenna at MarketWatch, and it’s dated June 30, 2015. So it’s quite recent to the whole Dodd-Frank implementation situation: five years after flash crash. The flash crash was caused by the London Whale. I wrote about him here: London Whale.