… the latest Fortune magazine column from Becky Quick might prompt a reassessment of that position. (It’s not yet posted online.)
Quick’s no foe of regulation in general, but she notes some of this particular legislation’s more dubious elements:
Granted, the Founding Fathers wrote in small print. But come on. Four pages [of the U.S. Constitution] to run a country, vs. 848 pages to run a bank? Really?
And in its 800-plus pages, the FinReg bill manages to create even more questions than it answers. Like what defines “risky” behavior for the banks, when an institution is too big to fail, and what the competitive field will look like in the new financial world. On many of those basic questions, the new legislation essentially punts, leaving the decisions to be determined by the regulators at some future point. And that means that instead of clarity, this law makes the financial landscape even hazier.
Follow these links for more discussion of the problems linked to the latest round of financial regulation “reform.”
