{"id":19566,"date":"2010-07-16T08:09:58","date_gmt":"2010-07-16T14:09:58","guid":{"rendered":"http:\/\/www.nmpolitics.net\/index\/?p=19566"},"modified":"2010-07-16T11:49:29","modified_gmt":"2010-07-16T17:49:29","slug":"dodd-frank-what-you-always-wanted","status":"publish","type":"post","link":"https:\/\/nmpolitics.net\/index\/2010\/07\/dodd-frank-what-you-always-wanted\/","title":{"rendered":"Dodd-Frank: What you always wanted"},"content":{"rendered":"
\"\"<\/a>

President Obama (Photo by Pete Souza\/The White House)<\/p><\/div>\n

The White House did it again.\u00a0 The Obama administration effectively pushed a sweeping piece of legislation through the Senate and House with barely a muster of Republican support. This time it\u2019s not a $787 billion stimulus bill. This time it\u2019s not an overhaul of the health care system to the tune of covering 32 million uninsured. This time it\u2019s an overhaul of the U.S. financial regulatory system. (Exactly what we need during this time of joblessness. Right\u2026)<\/p>\n

2,319 Pages<\/h3>\n

One could indeed say that the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010<\/a> is the most overwhelming revamp of U.S. financial regulation since the Great Depression. (Read all 2,319 pages by clicking above on the bill\u2019s title).<\/p>\n

Now, get this. The Dodd-Frank Act demands a measly: 533 required regulatory rulemakings, 93 special reports, and 60 studies.\u00a0 By contrast, the Sarbanes-Oxley Act of 2002 only had 16 rulemakings, no special reports and six studies. My how the world has changed. Get ready for regulation, regulation, and then a little more little regulation.<\/p>\n

I can tell you one thing \u2013 Wall Street is definitely getting ready. What does this mean? More lobbyists, of course! (Exactly what the president campaigned against in 2008.) From The Hill:<\/p>\n

Consumer advocates and financial lobbyists are already preparing for years of debate before federal regulatory agencies are required to issue new rules. \u201cGame one over,\u201d said Richard Hunt, president of the Consumer Bankers Association<\/a>. \u201cGame two, regulators, beginning.\u201d<\/p><\/blockquote>\n

It may be true that on the campaign trail, Obama promised that lobbyists \u201cwon\u2019t find a job in my White House.\u201d<\/a> Two things. 1) There are at least a dozen former lobbyists in the current White House, but that\u2019s a moot point compared to the 2) onslaught of lobbying jobs that are about to open up on account of this White House and their financial \u2018reform\u2019 bill.\u00a0 Nice work!<\/p>\n

Strike Three<\/h3>\n

What is interesting is this: Despite the three major legislative victories that President Obama has scored in his 1.5 years in office, the president\u2019s approval rating continues to plummet to the new low of 44 percent.\u00a0 (Please note that this data point is coming from CBS News as opposed to the Wall Street Journal or a conservative think tank.) CBS sums up the situation succinctly:<\/p>\n

So what\u2019s the problem?\u00a0 In a word, jobs.<\/p><\/blockquote>\n

Watch it here: CBS Poll: Despite Wall Street Bill, Obama’s Approval Rating Continues to Sink<\/a><\/p>\n

The irony of this all is that you, the American people, want more jobs. President Obama knows this – and instead of a massive jobs bill, we now have a 2,319-page financial regulatory colossus and the promise of new lobbying positions. That\u2019s one way of solving the unemployment problem and appeasing the populace.\u00a0 Correct?<\/p>\n

Sarah Lenti is the blogger behind NMPolitics.net\u2019s <\/em>The Savvy<\/em><\/a>. E-mail her at <\/em>sarah@nmpolitics.net<\/em><\/a>.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

You, the American people, want more jobs. President Obama knows this – and instead of a massive jobs bill, we now have a 2,319-page financial regulatory colossus and the promise of new lobbying positions.<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1196,181],"tags":[118,116],"class_list":["post-19566","post","type-post","status-publish","format-standard","hentry","category-blogs","category-the-savvy","tag-economy","tag-washington"],"_links":{"self":[{"href":"https:\/\/nmpolitics.net\/index\/wp-json\/wp\/v2\/posts\/19566","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/nmpolitics.net\/index\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nmpolitics.net\/index\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nmpolitics.net\/index\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/nmpolitics.net\/index\/wp-json\/wp\/v2\/comments?post=19566"}],"version-history":[{"count":0,"href":"https:\/\/nmpolitics.net\/index\/wp-json\/wp\/v2\/posts\/19566\/revisions"}],"wp:attachment":[{"href":"https:\/\/nmpolitics.net\/index\/wp-json\/wp\/v2\/media?parent=19566"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nmpolitics.net\/index\/wp-json\/wp\/v2\/categories?post=19566"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nmpolitics.net\/index\/wp-json\/wp\/v2\/tags?post=19566"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}