Who does Dodd-Frank Bill really benefit?

[Walid.K]

I see this article Dodd-Frank act finally getting rolling to help protect consumers, after months and months, but within a few days our trading abilities were greatly restricted on most pairs, commodities, and now gold trading is at 1:1 max, almost as a punishment to traders, did we cause the financial crisis? Traders in their homes trying to earn a living?

I have a problem with this Bill and it's real reasons, I just want to hear from someone that knows who it really does benefit.


Who Benefits?

"The guys behind me paying me alot of money..."


But who???

[DickP]

Yea dodd frank definitely did not benefit me.

Dodd frank didn't really benefit wall street.

Dodd frank didn't even really benefit JP or Chase or big banks, as the legislation blames them for the mess and does try to sanction them.

But I'm wondering also if that is just on the surface and the dodd-frank financial reform act certain did "reform" things but in such a way that it is less obvious your money is being drained from your possession.

[chaso]

Sounds like another plan to give us even less amount of scraps to fight over while they keep the big payday to themselves. I would have to agree that Walid has a good point: traders in their home didn't create the financial crisis. We don't have the power to print the money from our butts.

[FX_GooRoo]

Dadd-Frank benefits everyone with a bank account with 6 or more zeroes after it.

[BudFoxFx]

Dodd-Frank does not regulate Wall Street and is in fact a benefit to some. After those crack guardians of fiscal responsibility, Chris Dodd and Barney Frank, saved America from credit default swaps, Fannie and Freddie from imploding America, and the junk mortgage bonds... Oh no, you're right. Never mind, all those political "contributions" did not go to waste.

Worse yet Obama is trying to bypass the regulators on Fannie and Freddie from taking on more ****ty loans by reconstituting FHA Federal Housing Authority and pumping billions into that. He just announced it in his state of the union address. I hope you all caught that.

[trade_hard]

Here's a checklist of 1. it was never real, and 2. it was real and we're screwed:

We won the Cold War, but it was unnecessary, extremely costly, and, in the end, a mistaken strategic choice. (Talk amongst yourselves.)
There is no Heaven (thankfully, then, no Hell).
There is no American Dream apart from the usual menu of choices and outcomes afforded the citizens of any developed nation.
We are a nation of laws, well, at least for schlubs. For the elite? Not so much. For perceived terrorists? Forget about it.
Our society is deteriorating on an alarming number of levels (reminder: I'm not paranoid). You do the math.
If you put Marshall McLuhan and George Orwell together, we're screwed. Case in point: Rupert Murdoch.
We live in an ever-increasing surveillance/police state.
The predominant direction of the U.S. under the sway of the rich and powerful is for us to become a less healthy society, with rollbacks of environmental law and protections, with declining access to healthcare and public services, as well as diminishing economic security.
Because of the crisis, we're moving from an ownership society to a landlord society.

[pipMasterG]

If you disagree with Dodd-Frank, that's fine, but disagreeing with the notion of regulating banks the size of small countries is a terrible idea. It's all fine and good to come up with platitudes, but I prescribe to the notion that an ounce of prevention is worth a pound of cure, and I'd think that most of the anti-stimulus crowd would, too.

Most people who knock the Dodd-Frank law underestimate the sheer size and power of American banks. When you hear that Bank of America and Citibank made $3 BILLION last QUARTER each, that should give you an idea of why a stricter regulatory environment is necessary. Their net worth is $150 billion dollars combined, and that's after massive stock price losses.

Dodd-Frank attempts to ascertain that banks too big to fail are stopped before they can get to that danger zone. The banks don't police themselves, and it needs to be done.

[DickP]

We need a hero like Jimmy Stewart to gnaw at these politicians "souls" and change things from within, until then...

[DickP]

DODD FRANK IS NOT WORKING --

[Harrison]

The increased regulatory burden, pressure to choke off non-interest income through interchange fees and the all-but-certain pricing/product restrictions that will come from the new Consumer Financial Protection Board will only increase the pace of bank consolidation.

I get the feeling that the Obama Administration and their allies in Congress looked at the Canadian financial services market (made up of a handful of large commercial banks and a multitude of local credit unions) and thought "Wow! That looks good!"

I think the ramifications of this new law will create a lot of headaches for the majority of Americans, while preserving the long-term interests of Wall Street.

[Walid.K]

Does this scare anyone else? The Federal Reserve has its hands on your credit card now!

The Federal Reserve would oversee interchange fees charged for the processing of debit card transactions. These fees must be "reasonable and proportional" to the costs incurred by the payment card network, such as Visa and MasterCard, and issuer in the processing of the payment. The reasonable fee requirement doesn't apply to debit card issuers with less than $10 billion in assets.

Payment networks can't block retailers from offering discounts to customers for using cards tied to a competing payment brand, as long as the discount doesn't discriminate against any issuers. Payment networks also can't restrict retailers from offering incentives for using any general form of payment over another, such as cash instead of cards, or debit cards instead of credit cards. Basically, merchants can offer discounts as long as they those discounts don't discriminate towards cards issued by particular financial institutions.

The bill also says that payment networks can't block merchants from setting minimum and maximum transaction amounts for the acceptance of payment cards, as long as the transaction restrictions apply to all issuers and payment networks.

Read more: What the Dodd-Frank Act means for you | Bankrate.com http://www.bankrate.com/financing/cr...#ixzz1s59zhOKd

[Grekko]

After the Dodd-Frank Act was signed into law everyone complained said that the legislation lacked details. The uncertainty of the scope and power of final regulations made it nearly impossible for those who were affected by Dodd-Frank to plan for the future. To all those involved (except Chris Dodd and Barney Frank and Barack Obama), that clarity was crucial to move forward and operate their businesses. In a way regulators didn't give businesses sufficient time to study the issues and make the right decisions, the regulations were so vast and so fast, very few businesses had time to adapt to the changes.

[Grekko]

Newt Gingrich call for Dodd-Frank to be put in jail.



I would have voted for him.

[calvin]

Newt Gingrich call for Dodd-Frank to be put in jail.



I would have voted for him.

He's way too radical.

He would have never beat Obama. Romney has the best chance IMO

[Schiff_for_President]

[Schiff_for_President]

He's way too radical.

He would have never beat Obama. Romney has the best chance IMO

I guess you were wrong.

[Dannyfx]

Bill O'Reilly is a bag full of air, but at least he gives it to Barney Frank right where he deserves it!

[Dannyfx]

Yea dodd frank definitely did not benefit me.

Dodd frank didn't really benefit wall street.

Dodd frank didn't even really benefit JP or Chase or big banks, as the legislation blames them for the mess and does try to sanction them.

But I'm wondering also if that is just on the surface and the dodd-frank financial reform act certain did "reform" things but in such a way that it is less obvious your money is being drained from your possession.

Dodd-Frank DOES benefit the big banks because it's business as usual in terms of speculating and their competition which were thousands of smaller firms are GREATLY hindered by the Financial Reform Act... On the surface its a dumb legislation that stifles business, underneath the surface its downright sinister killing the competition of the people that helped Dodd-Frank line their pockets for almost three decades in their lofty senate seats.

If their constituents only knew how crooked these men were, they'd be flayed in the streets, but its America... people are ****ing stupid...

Twin Towers crumbling to pieces? Jet Fuel... that's a good one!




Worldwide Financial Crisis... It's Retail Traders' Overleveraging... That's a better one!

[Schiff_for_President]

Heard another expert on Geraldo today go off on the Dodd-Frank act being the destruction of American business. Wait and see guys, re-electing Obama for whatever petty reason is against the greater good. And whatever petty reason you may think is for the greater good, there's an even GREATER good, A GOOD ECONOMY where all other goods flow from. It worked for 100's of years before Obama, and I pray it will work again. It definitely worked up until the creation of the FED when government was the size of Honey Boo Boo... now the economy is the size of Andre the Giant...

Christ, people REVOLTED against Britain for the very same reasons (big government) Obama, Dodd, Frank are imposing on you ALL now, except back then Britain didn't have this all encompassing media machine making you think Obama is a man-god that's doing this in your own best interest. Nor did they have football and Honey BooBoo to distract you...

[Matt]

Yea Dodd-Frank destroyed the competition to the big banks under the guise of "reigning in" their malfeasance. Well, the smaller firms can't even operate anymore and the need for malfeasance from the big banks isn't necessary anymore because they have no real competition for individual investments... this glazes over 99% of Americans which is why they let Dodd-Frank get rammed right up their ass... but if the average joe were given an analogy for dodd frank they could grasp, they'd want to meet them in an alley on a dark cold night and take care of business.