Others aren’t so sure. John Berlau, senior fellow at the Competitive Enterprise Institute, said if the president wants to focus on the “north star” of helping the middle class prosper, he should “work to repeal Dodd-Frank, end bailouts and lift barriers to competition in the banking system from credit unions or well-run companies.” The Dodd-Frank Wall Street Reform Act was named for then U.S. Sen. Chris Dodd and Massachusetts Congressman Barney Frank. Kimberly Amadeo of About.com notes the act is intended to regulate credit cards, loans and mortgages; oversee Wall Street; stop banks from gambling with depositors’ money; regulate risky derivatives (identify major risks before they occur); bring hedge fund trades into the light; oversee credit rating agencies; increase supervision of insurance companies; and reform the Federal Reserve.
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BUSINESS SCENE: Dodd-Frank bill not living up to expectaions