The Dodd–Frank Wall Street Reform and Consumer Protection Act, sarcastically known as Dodd-Frankery and Dodd-Frankenstein, was passed into law in response to the financial crisis and recession of 2008.
There used to be a time when governments sought to so structure financial markets and banking in such a way to engender confidence in the system, not to systematically erode confidence
In his first term, President Obama passed two of the most sweeping expansions of federal power in history. The first, his federal takeover of the health care system, narrowly survived at the Supreme Court thanks to the refashioning of its mandate into a tax by Chief Justice John Roberts. The second , his federal takeover of the financial system, may not fare as well.
Washington, quietly, is re-orientating. To be sure it still is sorting out what caused the financial crisis, the Great Recession, and the disorders that have ensued (from the application of bad medicine like bailouts and stimulus). But there’s just occurred a dramatic changing of the guard in the GOP and in the leadership of its intelligentsia.