Bank Regulation On One Page

The Dodd Frank financial reform bill was 2319 pages long, filled with myriad new thou shalts and shalt nots. Sarbanes Oxley was a mere 66 pages. Imagine what damage is to come from the lobbyist bloated Dodd Frank. Regulation is a game always won by the regulated and their lobbyists. Every extra page of Dodd Frank is an opportunity for some clever lawyer to weaken the intended regulation in some way that benefits his clients. And if he’s really clever it will hamstring a competitor at the same time. That’s why complicated regulatory schemes never work. The regulated industry always ends up writing their own rules. It’s called regulatory capture just in case anyone in Congress wants to check Wikipedia.