Can someone tell me about Frank-Dodd?

[themaguffin]

I hadn't followed that closely and it seems to be a go to law for wingnuts to bitch about.

[frazzled]

1. Well, first, it's called Dodd-Frank

That's important if you want to google it, which you can do here and read any number of articles and "cheat sheets" about it, including the bill itself

http://www.google.com/search?client=safari&rls=en&q=dodd+frank+bill&ie=UTF-8&oe=UTF-8

[DebJ]

2. I believe Dodd-Frank, for one, is why BOA did that $5 mo fee

thing. To me, this is great: transparency causing consumers to shift away from the greed which now must be more blatant and open.

To a RW person that I know, BOA was 'deprived' of revenues by Dodd-Frank and so is only, 'naturally', trying to 'recover its losses' BARF>>>>>>>>>>>>>>

[JohnnyRingo]

3. Here's a great article from Rolling Stone by Matt Taibbi:

This is the most in-depth analysis I've seen yet. Taibbi remains non-partisan and pulls no punches, as usual, and lands several unflattering blows to Chris Dodd who he describes as Wall Street's Democratic sweetheart. He makes it sound like Dodd inserted himself in the works to make sure Obama didn't cripple the barons of money.

Plus, he uses language that suits the typical man on the street who may not have a PHD in economics:

http://www.rollingstone.com/politics/news/wall-streets-big-win-20100804

By Matt Taibbi
August 4, 2010 1:00 PM ET

Cue the credits: the era of financial thuggery is officially over. Three hellish years of panic, all done and gone – the mass bankruptcies, midnight bailouts, shotgun mergers of dying megabanks, high-stakes SEC investigations, all capped by a legislative orgy in which industry lobbyists hurled more than $600 million at Congress. It all supposedly came to an end one Wednesday morning a few weeks back, when President Obama, flanked by hundreds of party flacks and congressional bigwigs, stepped up to the lectern at an extravagant ceremony to sign into law his sweeping new bill to clean up Wall Street.

Obama's speech introducing the massive law brimmed with celebratory finality. He threw around lofty phrases like "never again" and "no more." He proclaimed the end of unfair credit-card-rate hikes and issued a fatwa on abusive mortgage practices and the shady loans that helped fuel the debt bubble. The message was clear: The sheriff was padlocking the Wall Street casino, and the government was taking decisive steps to unfuck our hopelessly broken economy.

But is the nightmare really over, or is this just another Inception-style trick ending? It's hard to figure, given all the absurd rhetoric emanating from the leadership of both parties. Obama and the Democrats boasted that the bill is the "toughest financial reform since the ones we created in the aftermath of the Great Depression" – a claim that would maybe be more impressive if Congress had passed any financial reforms since the Great Depression, or at least any that didn't specifically involve radically undoing the Depression-era laws.

The Republicans, meanwhile, were predictably hysterical. They described the new law – officially known as the Dodd-Frank Wall Street Reform and Consumer Protection Act – as something not far from a full-blown Marxist seizure of the means of production. House ­Minority Leader John Boehner shrieked that it was like "killing an ant with a nuclear weapon," apparently forgetting that the ant crisis in question wiped out about 40 percent of the world's wealth in a little over a year, making its smallness highly debatable.

But Dodd-Frank was neither an FDR-style, paradigm-shifting reform, nor a historic assault on free enterprise. What it was, ultimately, was a cop-out, a Band-Aid on a severed artery. If it marks the end of anything at all, it represents the end of the best opportunity we had to do something real about the criminal hijacking of America's financial-services industry. During the yearlong legislative battle that forged this bill, Congress took a long, hard look at the shape of the modern American economy – and then decided that it didn't have the stones to wipe out our country's one ­dependably thriving profit center: theft.

continued at above link.

[themaguffin]

4. thank you all for the replies and info!

much appreciated.