Few overhauls of our nation’s financial regulatory system have been bigger and more comprehensive than the Dodd-Frank Act, which was enacted in the summer of 2010. While stakeholders may disagree over the details, few could argue that federal regulations have been adequately updated to keep pace with technological and financial innovations. From online stock trading to new kinds of mortgages to financing a home, the financial services world is not your grandfather’s community bank anymore.
As the first session of the 112th Congress winds to an end (touch wood), the hangover left by the Select Committee on Deficit Reduction’s (better known as the Super Committee) failure and ongoing fights over budgetary and appropriations issues have still not been tamed. If anything, the pain has only been compounded by the partisan brinkmanship surrounding the passage of year-end omnibus appropriations legislation and the extension of critical tax provisions.