Correction Please!
Dodd-Frank Act: a 2,500-page Billionaire Protection Measure
ITEM: USA Today, in an editorial for July 12, 2016, wondered why — especially before an election — any politicians would be speaking against the Dodd-Frank Act. The newspaper’s editors acknowledged in passing that it has “its flaws,” but maintained that “by and large it has made Wall Street less like Las Vegas.” Its conclusion: “Given Wall Street’s deceptions and miscalculations in creating the financial crisis, it’s a wonder that anyone would think it needs regulatory relief.”
ITEM: Following the elections, the New York Times, in a January 30 piece entitled “Republicans’ Paths to Unraveling the Dodd-Frank Act,” noted that both President Trump and GOP members on Capitol Hill were moving against the “law that overhauled financial regulation after the 2008 financial crisis.”
After setting up a straw man, the Times news report proclaimed: “In reality, the president cannot unravel Dodd-Frank with a stroke of a pen, and congressional Republicans will find it easier to chip away at the law than to repeal it altogether.”
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