The Downside of the Dodd-Frank Act of 2010

Consumer protection is best accomplished by education. The subject is too complicated for bureaucrats because no one set of financial ideas and rules can accommodate every individual’s situation.

                       

Once the government gets into the act, it attempts simplifications that cannot be done, apart from insisting on the use of easier-to-read information.

                       

To create a process for the masses, the bureaucrats dumb down the process where they hurt choice and outcome for too many individuals.

                       

The Dodd-Frank Wall Street Reform and Consumer Protection Act of

2010 is a perfect example of what makes sense only to a bureaucrat. But in my observations, it may not make sense to individuals.

 Folks make dumb financial errors all the time. Correcting them by fiat can be foolish. (See the Earl J. Weinreb NewsHole® comments and @BusinesNewshole at Twitter.)