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"There is no dramatic streamlining of the alphabet soup of regulatory agencies," according to the Economist. "Indeed, the new consumer bureau potentially creates another monster. Nor does it tackle the future status of Fannie Mae and Freddie Mac, to the chagrin of Republicans, who rightly view the two mammoth mortgage agencies as having played a leading role in causing the financial crisis. The final document may run close to 2,000 pages, but some very important issues are being left for another day."
Foster writes. "There is little in it that will 'reform' too big to fail or change the incentives for the kind of behavior that led to the crisis (implicit subsidies and bailout authority galore); and it was a 'compromise' mostly between Democrats."
Joshua Brown, a guest blogger for the Christian Science Monitor with more than a decade of experience in the financial sector, concludes that the bill is riddled with loopholes, making it a victory for Wall Street.
they agreed unanimously that it would be known as the Dodd-Frank bill, and the sound of applause
Under the agreement, banks would be forced to spinoff some derivative trades to a subsidiary so that they are not in the same pot as federally insured deposits. They would not be allowed to trade in some of the most risky derivatives. Banks could still trade some swaps to legitimately hedge risk. Most swaps would have to be cleared and traded on exchanges.