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Frank and His Wall Street Buds

June 13, 2011 - by Donny Shaw

Given how extreme the failure of Wall Street was that caused the 2008 crisis, the financial reform bill passed by Congress last year, Dodd-Frank, is pretty weak tea. It's riddled with giant loopholes, defers many of the biggest decisions to the same regulatory agencies who failed us in the first place, and, most significantly, allows the banks that needed a $4.6 trillion bailout because they were "too big to fail" to become even bigger. Dodd-Frank was largely an exercise in passing a bill for the sake of appearing to have done something. Unfortunately, Congress seem to have fooled a lot of people out there, especially those who work for popular newspapers, into believing that they have fixed the problems.

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