Dodd-Frank: Dying on the Vine?
Posted by William Byrnes on October 31, 2011
The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) was endorsed by President Obama as an asset providing the “strongest consumer financial protections in history.” However, almost a year after the Act was introduced, implementation of its broad reforms is slowing
The complexity of the Act is the root of it’s first problem: The bill came in at an overwhelming 2,319 pages, or 300,000 words, about half the length of the entire Christian Bible. By comparison, other paradigm-shifting financial acts were short-stories; the Federal Reserve Act was 31 pages, Glass-Steagall was 37 pages, and Sarbanes-Oxley was 66 pages long. Even the gargantuan Health Reform Act was shorter than Dodd-Frank. Consequently, even the Federal government can’t fully ascertain the Act.
Read this complete analysis of the impact at AdvisorFX (sign up for a free trial subscription with full access to all of the planning libraries and client presentations if you are not already a subscriber).
For previous coverage of the debt limit fight in Advisor’s Journal, see Storm Clouds over U.S. Debt (CC 11-85).
This entry was posted on October 31, 2011 at 06:00 and is filed under Taxation, Uncategorized, Wealth Management. Tagged: Barack Obama, Dodd-Frank, Dodd–Frank Wall Street Reform and Consumer Protection Act, Federal government, Federal Reserve Act, Glass–Steagall Act, Obama, Wall Street reform. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
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