Just like I and other conservatives said, the 100% completely useless Dodd-Frank Act only resulted in other fees being increased. Banks lose money on checking accounts so now you see increases in other fees to make up for the losses the useless bill caused. But this was necessary in order to placate the mass ignorance of the left wing base that makes up the Democrats. Though I do find it plausible that the idiot Frank truly had no clue this would happen. He's just that dumb. I'm sure there are some liberals who knew this would happen but supported the bill anyway because they knew it would gain brownie points from those too dumb to know any better. Dems are great at creating completely useless bills when they're not creating those with unintended consequences. The ironic thing is who gets hurt the most by this bill? Many of the same idiots who voted them in in the first place. http://www.mybanktracker.com/bank-news/2011/12/13/banks-losing-money-service-checking-account/ http://www.bankrate.com/financing/banking/banks-losing-big-on-free-checking/
It contains some truly stupid crap, as you would expect from two of the people who contributed to the disaster in the first place. Two dems. You can longer qualify for FHA financing for certain townhomes and condos. So they sit empty for months and years. Gee, what do you think that's done to home values.
When someone whit a brain looks at what toe Dodd-Frank act does they support it. And this is what it does. -Makes it so large banks have to pay more than small banks for deposit insurance, which will save small banks 5 billion dollars -Most of Dodd-frank new regulations only apply to large financial institutions -Lowered credit card rates for the biggest 2% of banks. -Reforms banking pay to more reflect long term goals instead of short term profits, and lowers huge CEOs payment packages. -Increases penalties for insider trading and also expands insider trading laws to include more frauds -Higher capital requirements for all financial firms. -Banks can't make bets with taxpayer backed deposits. -Expands FDIC into large financial institutions as an alternative to taxpayer bailouts. Money comes from banks. -Banks no longer vote for who regulates them. -A consumer-protection agency will be created that sets rules banks must follow such as giving clear information, and removing hidden fees. -Limits arbitrations (corporate courts) -Credit rating agencies were made more transparent for example they now must submit their data and methods to the public -Credit rating agencies are now removed from giving advice and accepting payment from those they rate. -Make its so banks cannot sell off all their risky loans (banks must keep a portion of their risky loans) -Eliminate hidden overly high swipe fees. -Creates a government agency that monitors and reports the risk of financial instruments, and helps ensure accurate portrayals of the costs of financial instruments, -FDIC deposit insurance increased from 100,000 to 250,000 -Centralized financial regulators, removed overlapping duties, and assigned regulators certain tasks -increased the reporting requirements for high dollar investment advisors/agencies, and hedge funds are no longer to leave out information in their reports. -reduced ability of non-health insurance companies from discriminating against people. -Reduced the ability of financial institutions from packaging safe investments with risky investments and then selling them off as insured safe investments. -Expanding clearing houses to derivatives meaning institutions dealing with derivatives have to following their trade agreements -Requires investors and sellers of investment products to disclose information regarding costs, risks and conflicts of interest. -The GAO is now required to audit the FED -Requires people making mortgage and real estate loans to make an effort to determine that the consumer will be able to pay back said loans. -Limits financial entities from merging, acquiring, or become both commercial, insurance, credit unions, investment banks or other financial entities -Dodd-Frank increased transparency of head funds by requiring them to disclose how they make their money and how they operate.
Odd how banks grew great and powerful for 50 years, with the same and even more RESTRICTIVE laws as the Dodd Frank act. The same is true of credit cards having a interest rate cap all the years as they grew and grew! NOW, suddenly, with ZERO % GOVERNMENT money to loan out, with the HIGHEST FEES on EVERY detail they can charge, the LOWEST EFFECTIVE TAX RATE, the poor widdle banks cannot SEEM to make a DIME! The consumer no longer needs knee high boots to wade in the BS from the bank propaganda shills trying to make us feel sorry for these pirates and economic rapists, we need chest high WADERS to handle the BS from these guys!!
When someone with a brain looks at Dodd-Frank does they realize the answer is nothing but move money around. The kool aid drinking flunky version of the bill as posted above is not what the bill does.
Dodd-Frank is poorly written legislation, and it should be repealed. True financial reform legislation must take its place.
How about if we get the NEW reform legislation FIRST, THEN repeal Dodd-Frank? Its rather odd that the Right can always say how "SOMETHING" would be better than what that the Democrats have DONE, but it NEVER happens!
You realize that I am a Democrat, right? Furthermore, Dodd-Frank encourages "too big to fail", which, ironically, most people want to mitigate.
