Skip to comments.Dodd-Frank Act, Aka The 2010 Full Employment Act For Lawyers, Accountants, And Consultants
Posted on 09/16/2011 7:59:41 AM PDT by Maelstorm
Call it Dodd-Frank Inc. A year after Congress passed the broadest financial overhaul since the Great Depression, the law has spawned a host of new businesses to help Wall Street comply and capitalize on the hundreds of new regulations. Besides the lawyers, there are legions of corporate accountants, financial consultants, risk management advisers, turnaround artists and technology vendors all vying for their cut.
It is a full-employment act, said Gregory J. Lyons, a partner at Debevoise, where a team of a half-dozen lawyers has drafted 30-plus comment letters in the last six months. The law is passed, but we are still reasonably early in the process, Mr. Lyons said. There is still a lot to be written.
The Sarbanes-Oxley Act of 2002 became a boon for the Big Four accounting firms as public corporations were forced to tighten compliance in the wake of the Enron and WorldCom scandals. Now, the Dodd-Frank Act is quickly becoming such a gold mine that even Wall Street bankers, never ones to undercharge, are complaining that the costs are running amok.
(Excerpt) Read more at dailymarkets.com ...
The fact is that our elected officials that voted for this still don’t know what is in it. Corporations can only speculate how it effects them and prospective and current employees must wait and see if corporations will be thinning the ranks to pay for it. Here in Massachusetts I sit and wonder why my senator Brown who I contributed to voted for it.
The one good thing that came out of this bill is the Durbin Amendment. It drastically reduces the fees a merchant pays to accept debit cards for transactions, allows cash vs. credit pricing and minimum purchase requirements for CC use.
The one gaping loophole in the law is that it doesn’t require the card processor to notify the merchants under contract that their rates are eligible to be reduced, so they are sitting on their hands. A lie of omission, IMO.
well it sure as hell did nothing to help individual investors, mortgage holders or bank customers
Yes and the worst always comes out of committee. All of our laws are really written by those unelected bureaucrats who fill in the details.