Dodd-Frank was nothing more than a dog-and-pony show for the American public. A Potemkin Village designed to convince us that something was being done while making sure nothing actually threatened the iron grip of the Banksters. If they wanted to fix “too big to fail” they would have simply re-instated Glass-Steagall. But the Banksters would not go for that.
It was dog and pony, but much more malignant than that too. It was Orwellian....get the two biggest defenders of Fannie and Freddie to correct the problems caused by Fannie and Freddie (in large part).
Bringing back Glass-Steagall wouldn't change much. The banks got into financial trouble because of MBS. Banks have always been able to invest in MBS -- before and after GS.