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Wednesday, May 23, 2012
Economy: Economic News, Policy & Analysis - The Washington Post: Dodd-Frank is hard to understand, and that’s why it has so many enemies
Economy: Economic News, Policy & Analysis - The Washington Post
Economy News: Get the latest headlines and in-depth coverage of economic news, policy, analysis and more from The Washington Post.
While Mitt Romney was speaking at the U.S. Chamber of Commerce on Wednesday, chamber members from across the country descended on Capitol Hill to tell Congress to get the government off their backs.
Mitch Stebal, for one, was prepared to give Sen. Dick Durbin's office an earful about overregulation. An employee of Busey Bank in Champaign, Ill., Stebal came to the U.S. Chamber's annual confab for small businesses this week with a delegation from McLean County ("not Chicago," he points out). Stebal said he mostly worried about the impact of Dodd-Frank on the industry, pointing out how the Durbin amendment had forced retail banks to limit debit-card swipe fees. But when pressed to explain how the law would affect his own work in commercial banking, Stebal didn't have a long list of examples – and explained that was part of the problem: The new regulations are so complex that no one on Main Street knows what's really going on, and it's going to cost them to figure it out.
