Dodd Frank was created in a very difficult time, under extreme pressure, and though many do not believe this, the reasoning for the bill was to help instill confidence in the economy and Wall Street after a few years of corruption and malpractice. The main issue with Dodd Frank, is that the intentions on which the idea for it came are not the intentions that were used when the bill was being drafted. Unfortunately, Dodd Frank and its possible (more than likely) implementation have done nothing but caused more uncertainty, decreased volumes, increased unemployment, and forced Wall Street banks to adapt to the possible changes which is doing nothing but impacting the economy and capital markets in a negative fashion.The blame for this bill rests solely on the shoulders of those who implement it. Many believe this bill is a way to keep Wall Street in “check”, the issue with this is that no one stopped and thought about the negative impacts of some of the regulations within the Dodd-Frank bill.
Businesses in this nation need to stand up for themselves and show those enforcing and implementing this rule the dangers of it. Many times the very same people in Congress who are implementing this rule have claimed that small businesses are the backbone of our country, yet they create a rule that will not only hurt large businesses, but small regional ones as well. I find it absurd that law makers are implementing laws in which they are “unsure” of the outcome. I feel that those who we elect to make our laws and govern our country should not use a “shoot from the hip” approach in which they implement new regulations and see if they work in a few months. A simple look at history will show that when the government regulates Wall Street, bubbles burst and the economy tanks. If lawmakers want to create laws that will insure Wall Street and other banks are regulated they should enforce stricter penalties that would give a reason not to go against the regulations, but also create regulations that will not completely eliminate businesses or decrease their value to the parent company, because that will only increase unemployment.