Wed Feb8, 2017
Now that over 2,000 community banks have been put out of business due to compliance costs, Barney Frank thinks the smaller banks should be excluded from some of the rules.
Earth to Barney and Janet, it should not take a 1,500 page document to outlaw dangerous debt. I doubt either of you have any idea of what all is contained in those pages.
The better idea would be to encourage more small banks who are not dealing in risky derivatives. But Dodd Frank did the opposite. Only the largest banks could afford compliance forcing smaller banks to merge with the larger ones. Now we have even fewer banks, more power in fewer hands. What an irony!
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