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07/17/10
The voluminous bill-390,000 words to be exact- sets up more of a prescription to prevent future economic fallouts like the one which followed the collapse of Lehman Brothers in 2008, then it does any sort of immediate remedy for the current economic state or for the problems inherent in the current structure of our banking system. For the most part, the bill's effects will not be felt for years to come and what those effects will ultimately be still remain in question.
While the bill emphasizes consumer protection and even empowers the government to take down corporations that threaten the economy, one cannot forget the fact that writing a prescription alone does nothing to cure an ailment. The real concern now is who is filling out and administering the prescription.
The regulators and the composition of Obama's appointments to the soon-to-be created 10-member Financial Stability Oversight Council and Bureau of Consumer Financial Protection will have an immensely important role in interpreting and giving life to the regulations found in and mandated by the bill. The language of the bill is far from specific and leaves much open for interpretation; there are over 350 rules that regulators are charged with writing themselves. As a result, the true scope of the bill is still unknown at this point. Its ultimate effectiveness at preventing future economic catastrophe may very well depend on the political pressures faced by Obama when he makes his appointments.
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