The Dodd Frank act is a financial act that evens the playing field. Without these regulations, we could have the financial crisis of 2008 all over again. Dodd Frank did allow people to get loans they couldn't afford, however, this was because the banks were irresponsible. People should live within their means, so in principle this law was good.
The Dodd-Frank act is essential to the protection of the american consumers. Without it we are hopeless in our day to day shopping because we need the proper protection from fraud and from misrepresentation. America is a about freedom and our we must protect our freedom to preserve the integrity of our shoppers and our consumers and our businesses.
The Dodd-Frank Wall Street Reform and Consumer Protection Act, signed July 21, 2010 took more than 800 pages to spell out policy goals and a very loose framework. It has provided the broadest, nearly unlimited, powers to implement the law into regulations by several authorized Federal agencies.
Since July 2010, the agencies have sent to banks and other financial institutions more than a hundred proposed rules. By July 2011, the recipients had received 398 rules for comment. Some estimates are that this rule making took over 81,000 pages to prepare and describe. After receiving comments the agency can act to finalize the rule into law.Even with the current state of confusion and uncertainty, a repeal of the basic law would make the situation even worse. Taking a pause and proceeding with honest and objective analysis of realistic and coordinated objectives is a far better and wiser solution.
History teaches harsh lessons. Financial reform was necessary after the recession in 2008. Wall Street misbehaved, so the Dodd-Frank act had to be implemented in order to safeguard American consumers. Calls for the act to be repealed and have fewer regulations simply opens up vulnerable Americans for more financial failure. If Dodd-Frank is going away, an alternative must be presented. Instead of repealing the law, it must be added to in order to prevent more bailouts of companies getting drunk off the American dream.