Approximately one year since the release of the Obama administration’s Financial Reform Blueprint, the new baby bill has been born and will shortly be signed into law. Two excellent resources to understand the new bill ( a set of slides and a memo outlining the new law, both written by Davis, Polk & Wardell) were posted this morning on the Harvard Law School Forum on Corporate Governance and Financial Reform.
In response to critics who claimed that the new law left too much of the detail to regulatory rule making, Senator Dodd was quoted in this morning’s Washington Post as saying “What do they expect me to write, a 100,000-page bill? This is far beyond the capacity, the expertise, the knowledge of a Congress”. I think Dodd seriously undercounted the number of pages that will be generated to fill in the blanks. The Harvard Law forum estimates the new bill calls for 243 rule-makings and 67 studies. Perhaps we should rename the bill the Lawyers and Lobbyist’s Full Employment Act of 2010. Let the games begin.