<B>The Uncertainty Principle</b> Dodd-Frank will require at least 243 new federal rule-makings.

WSJ ^ | 7.14.10

[Thebaddog]

So Republicans Scott Brown, Olympia Snowe and Susan Collins now say they'll provide the last crucial votes to get the Dodd-Frank financial reform through the Senate. Hmmm. Could this be Minority Leader Mitch McConnell's secret plan to take back the Senate, guaranteeing another year or two of regulatory and lending uncertainty and thus slower economic growth? Probably not, but that still may be the practical effect. This week White House aides leaked to the press that President Obama may seek a review of regulations that are restraining business confidence and bank lending. Yet Dodd-Frank, with its 2,300 pages, will unleash the biggest wave of new federal financial rule-making in three generations. Whatever else this will do, it will not make lending cheaper or credit more readily available. In a recent note to clients, the law firm of Davis Polk & Wardwell needed more than 150 pages merely to summarize the bureaucratic ecosystem created by Dodd-Frank.

The SEC alone, whose regulatory failures did so much to contribute to the panic, will write 95 new rules. The new Bureau of Consumer Financial Protection will write 24, and the new Financial Stability Oversight Council will issue 56. These won't be one-page orders. The new rules will run into the hundreds if not thousands of pages in the Federal Register, laying out in detail what your neighborhood banker, hedge fund manager or derivatives trader can and cannot do. More Finance Overhaul Casts Shadow on Plains Details: What's in the Bill Corporate Checking Gets Interest Financial Bill Nears Senate Vote As the Davis Polk wonks put it, "U.S. financial regulators will enter an intense period of rule-making over the next 6 to 18 months, and market participants will need to make strategic decisions in an environment of regulatory uncertainty."

[Thebaddog]

More remarkable is that a handful of Republicans are enabling this regulatory mess. Mr. Brown and Ms. Collins say they now favor Dodd-Frank because Congressional negotiators agreed to drop the bank tax. But lawmakers didn't drop the bank tax. They only altered the timing and manner of its collection. Instead of immediately assessing a tax on large financial companies to pay for future bailouts, the final version simply authorizes the bailouts to occur first. The money to pay for them will then be collected via a tax on the remaining firms.

And why is Chris Dodd anywhere near the levers of power with his past associations and conflicts?

[FrankR]

[Jim Robinson]

Damn the RINOS!!

Rebellion is brewing!!

[musicman]

[J Edgar]

... Minority Leader Mitch McConnell’s secret plan ...

Wrong on two (2) counts:

1.) Mitch McConnell is no leader.
2.) There is no plan.

GOP is in bed with NWO money, and could care less about the American people, and they despise Conservatives, who still think the Constitution is still operational.
JMHO.

[Voltage]

There are so many laws now that in order to obey them, one would have to quit their jobs and study full time. No income, the country would collapse..maybe that is the intent.

[Freddd]

‘Over the next 16-18 months’...and that puts at about 2012 election...coincidence? I think not.

[Freddd]

‘Over the next 16-18 months’...and that puts at about 2012 election...coincidence? I think not.