This week marks Dodd-Frank’s second birthday, and my how the legislation has grown. This infographic from the law firm David Polk shows how big Dodd-Frank is getting — and how much bigger it’s likely to get:
Here are two more data points on Dodd-Frank’s second birthday:
On Wednesday, Goldman Sachs CEO Lloyd Blankfein was asked whether he would, if given the power, repeal the legislation. “Would I push a button and eliminate Dodd-Frank?” he replied. “No, I would not be happy about letting the field lie unregulated.” Blankfein went on to say that there were parts of the law, like the Volcker rule, that he doesn’t much care for, but he was clear that Dodd-Frank is better than nothing. Whether that qualified endorsement from a key bank would increase or decrease most Americans’ trust in the law is, I think, an interesting question.
Meanwhile, the Consumer Financial Protection Bureau, which was created in the Dodd-Frank law, executed its first major enforcement action against the financial industry, forcing Capital One to rebate $150 million to more than 2 million customers for misleading them into buying products they did not want or need. And they’re not done. “We know these deceptive marketing tactics for credit card add-on products are not unique to a single institution,” said Richard Cordray, who heads the agency. “We expect announcements about other institutions as our ongoing work continues to unfold.”