Obama Signs Dodd-Frank Bill
Now that Obama has signed the Dodd-Frank bill into law, someone should actually go ahead and read it, don’t you think?
I mean, it’s 2,300 pages of finance reform. Not exactly edge-of-your-seat entertainment. Though it may actually impact your future. I guess it’s a toss up.
Obama claims that the new legislation means there won’t be any taxpayer funded bailouts in the future. And not only that, the average consumer will be protected from Wall Street’s, um, mistakes.
It all sounds pretty rosy, but with all the opposition this bill has encountered, it’s hard to believe none of its problems will come back to bite us when we’re not looking.
For instance, this new Consumer Protection Agency that’s supposed to monitor the whole thing doesn’t really have any guidelines spelled out in the bill. They’re told what their goals should be, but not how to accomplish them.
Is this a recipe for trouble? What’s to keep them from making the same mistakes that previous organizations have made? How do we know it won’t become just another political entity looking out for itself?
These are questions that aren’t really addressed in the bill. For all of it’s impressive length, can it really be comprehensive enough to handle our complicated economy?
What do you think? Will this bill fix what it’s supposed to fix, create more problems, make things better or worse?
And let me know how you think it’ll affect you.
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