As the new Congress gets to work, it will have to contend with the failures and unfinished business of the past. Financial regulation is one area rife with such failures and omissions. Most notably — as described in Dodd-Frank: What it Does and Why It's Flawed, a new book released by the Mercatus Center at George Mason University — Dodd-Frank dramatically and dangerously missed the mark on its intended goals. Rather than averting future financial crises, Dodd-Frank invites trouble by creating new too-big-to-fail entities and relying on overwhelmed regulators to keep tabs on them.
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