Writing in The Weekly Standard, C. Boyden Gray and Adam J. White argue that Mitt Romney was correct during the first presidential debate when he described the Dodd-Frank Act as "the biggest kiss that's been given to…New York banks I've ever seen." They write:
If Romney touched a nerve, it was not because he was contrarian, but because he was correct. As many analysts and officials have explained, Dodd-Frank subsidizes large, influential Wall Street financial institutions, while imposing disproportionately heavy burdens on Main Street banks and the communities they serve. Even if we take President Obama, Senator Dodd, Representative Frank, and the rest of Dodd-Frank's supporters at face value when they protest that they actually intended to rein in Wall Street banks, the laws they passed accomplish the opposite result. Intentional or not, a kiss is still a kiss.
Read the while thing here.
Click below to watch Reason.tv's "Too Big To Regulate: Barron's Gene Epstein on Dodd-Frank."
Comments