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Playing Tricks With Dodd-Frank

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"The administration can weaken Dodd-Frank by neutering the rules that carry it out. We went from the repeal of Glass-Steagall to the financial crisis in less than 10 years. It is, sadly, safe to say that we can start counting down to the next crisis now. Any hope for continued reform was squashed this week when Steven Mnuchin, the Treasury sec'y and Goldman Sachs alumnus, presented the first of what are expected to be several reports that review regulations stemming from Dodd-Frank and recommend changes saying regulatory burdens have depressed lending and economic growth. The evidence does not support that. Bank lending has increased at a healthy clip in the last five years. Perhaps it would have grown more without Dodd-Frank, but that is a reasonable price to pay for curtailing reckless lending."

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At www.nytimes.com

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