The 2010 Dodd-Frank financial “reform” bill may be tied with Obamacare as the most destructive piece of legislation passed between 2009-2011, when Democrats controlled the White House and both chambers of Congress. The legislation codified the “too big to fail” doctrine and imposed costly regulations on the financial sector. These regulations hit small banks the hardest, causing many of them to merge with big banks and thus increasing concentration in the banking industry. If that weren’t bad enough, Dodd-Frank also created a new federal regulatory agency: the Consumer Financial Protection Bureau (CFPB).
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