The short answer is nothing good. IBD has a more detailed analysis of what I call FrankenDodd because it’s so horrific.
Four years ago this week, the Dodd-Frank Wall Street Reform and Consumer Protection Act passed amid claims it would “fix” our financial system. We warned then it would be a disaster, and we were right.
On July 27, 2010, as the media touted “another huge milestone for President Obama,” we argued that the new Dodd-Frank bill was “2,319 pages of unintended consequences for the economy.” We were far too kind.
Since then, lending has suffered as banks have pulled in their horns due to the punitive new regulations. And while the bill has generated 14,000 pages of new rules so far, the bureaucrats writing them are barely half-done, according to Davis Polk & Wardwell, a law firm that’s keeping track.
Instead of being our salvation, the financial reform that was supposed to fix our banking system once and for all turned into financial poison. And it’s spreading.
Read the whole thing, it just gets worse. Between FrankenDodd and Obamacare is it any wonder the economy remains so sluggish?