President Obama Signs Dodd-Frank Financial “Reform” Bill: 2315 Pages of Special-Interest Payoffs

President Obama today signed into law the Dodd-Frank financial “reform” bill, the “most sweeping overhaul of U.S. financial market regulations since the Great Depression.”

Ironically, the job-killing 2,315-page law contains little real reform, and instead contains a vast array of payoffs and favors for special interest groups like trial lawyers.

Civil rights commissioners and economists say it contains provisions that are racially discriminatory.

The bill does nothing to reform the biggest bailout recipients, the government-sponsored mortgage giants Fannie Mae and Freddie Mac, even though administration officials admit they were at the “core” of “what went wrong.”  Fannie and Freddie helped spawn the mortgage crisis by buying up risky sub-prime mortgages and repackaging them as prime mortgages, thus creating an artificial market for junk.  Now they are getting a $400 billion bailout.

I previously analyzed the bill here. Financial-regulation expert John Berlau examined the bill here.