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Saturday, July 30, 2011

Washington Examiner: Dodd-Frank's winners: Revolving-door regulators by Timothy P. Carney

Washington Examiner

Dodd-Frank's winners: Revolving-door regulators

July 24, 2011 by Timothy P. Carney http://washingtonexaminer.com/politics/2011/07/dodd-franks-winners-revolving-door-regulators/116494

http://kevindayhoff.blogspot.com/2011/07/washington-examiner-dodd-franks-winners.html Labels: Bus Econ, Bus Econ 2011, Bus Econ Banking, Bus Econ Dodd-Frank, Bus Econ over-regulation, Business Banking, Governance regulations, Journalists Carney Timothy

It may not prevent another bailout or protect consumers from dangerous financial products, but the Dodd-Frank financial regulation law -- now one year old -- has already benefited one group of people: the government officials who wrote and implemented the law before cashing out as lobbyists or consultants for Wall Street, hedge funds and big banks.

The top staff lawyers in charge of crafting the legislation in both chambers of Congress have both left Capitol Hill for K Street, as has a Securities and Exchange Commission staffer who helped implement the law. This is "private-sector job creation, Obama-style," as blogger Ira Stoll drolly notes.

The Great Wall Street Cashout is another example of how President Obama's agenda of bigger government -- and congressional Democrats' style of leaving the key details up to executive-branch regulators -- accelerates the revolving door and breeds crony capitalism.

Dodd-Frank was supposed to prevent future bailouts, tamp down on excessive risk taking by financial institutions and, through a new agency called the Consumer Financial Protection Bureau, protect regular people from predatory lenders or harmful and complex financial products… http://washingtonexaminer.com/politics/2011/07/dodd-franks-winners-revolving-door-regulators/116494

[…]

If you're looking for Dodd-Frank's big winners, they're easy to spot: They're the ones passing through the revolving door.

The big losers, according to a Bloomberg Government Study: 23 of the largest public financial companies in the United States face $22 billion in additional expenses and lost revenue, and likely a good deal more once all the regulations are put in place.

Timothy P. Carney, The Examiner's senior political columnist, can be contacted at tcarney@washingtonexaminer.com. His column appears Monday and Thursday, and his stories and blog posts appear on ExaminerPolitics.com.

http://washingtonexaminer.com/politics/2011/07/dodd-franks-winners-revolving-door-regulators/116494

http://kevindayhoff.blogspot.com/2011/07/washington-examiner-dodd-franks-winners.html

Bus Econ Dodd-Frank, Bus Econ 2011, Bus Econ, Bus Econ over-regulation, Governance regulations, Bus Econ Banking, Business Banking, Journalists Carney Timothy
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