CHAPTER 10

AN ARBITRARY AND SOVEREIGN POWER

The natural progress of things is for liberty to yield,and government to gain ground.—Thomas Jefferson

More than 800 pages long, the Dodd-Frank “Wall Street Reform and Consumer Protection Act” makes some 398 rulemaking requirements. These will translate into thousands of pages of regulations spread over a dozen government agencies—two brand-new, and one endowed with unprecedented power.1 Since this is a book rather than a multi-volume encyclopedia, we can’t unpack the details of it here. What we can do is shine a spotlight on a few frightening and dangerous characteristics of the act and the actors behind it.

WHO REFORMS THE REFORMERS?

In a sense, the fact that the act is named after then-Senator Chris ...

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