Dodd-Franking Banking Bill Is Too Big To…Succeed
The 2,300-page Dodd-Frank act has overwhelmed the bureaucrats charged with its implementation, according to a new report.
The act required the government to perform studies of nearly 400 new financial rules. But bureaucrats have failed to complete two-thirds of the studies in a timely manner, according to financial law firm Davis Polk.
The Securities and Exchange Commission has missed 56 of its deadlines for 73 rules, while banking regulators missed 57 of their 73 deadlines. The Dodd-Frank bill has been hammered by financial insiders because of its vague guidelines, which leave businesses at the mercy of regulators.
The federal government passing laws that are too large and complex for those in charge of implementing them to implement is a sign that maybe our government is doing too much.
But the vagueness and complexity is by design, I think. If the federal government wants some new authority over the banking industry, there’s little doubt they can parse some vague language from this monstrosity into justifying what it is they want.
When the law is too big, and too complex, for us to understand then in effect we have no laws. We just have bureaucrats and politicians doing whatever they want.Tags: big government