They will just extend it again when the time comes. This rule does not do squat anyways. It is just a distraction from what should be done. To put back in place Glass-Steagall. If they had not repealed it then the entire 2007 crash could not have happened.
>>If they had not repealed it then the entire 2007 crash could not have happened.
Disagree. You think more regulation will solve our problems? What gives the government the legitimacy to regulate the financial industry anyway? Because five bureaucrats voted that they could?
Why not simply end all mortgage subsidies, and all implicit guarantees behind Fannie/Freddie and the rest of the financial system? The 2008 financial non-crisis was predicated by the expectation that the FedGov would not allow the bankruptcy of Lehman. The market was almost right...
There is scant evidence that Glass-Steagal would have made a difference.
The 2007 crash was caused by Congress ORDERING banks to end financially discriminating against clients who the banks and anyone with sense knew could not pay back loans.