If it moves, tax it. If it keeps moving, regulate it. If it stops moving, subsidize it.
Ronald Reagan
Enter Dodd Frank: legislation named after Democrats’ Christopher Dodd and Barney Frank, which enacted 2,300 pages of banking regulations. What could have possibly gone wrong with 2,300 pages of new government regulations on banks? This:
When the Dodd-Frank Wall Street Reform and Consumer Protection Act took effect on July 21, 2010, it immediately caused a sharp partisan division. This staggeringly large legislation—2,300 pages—passed the House without a single Republican vote and received only three GOP votes in the Senate. Republicans saw the bill as ObamaCare for the financial system, a vast and unnecessary expansion of the regulatory state.
Four years later, Dodd-Frank’s pernicious effects have shown that the law’s critics were, if anything, too kind. Dodd-Frank has already overwhelmed the regulatory system, stifled the financial industry and impaired economic growth.
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