The Dodd-Frank Wall Street Reform and Consumer Protection Act was signed into law (Public Law 111-203) by President Barack Obama on July 21, having been approved by the House (237-192) on June 30 and by the Senate (60-39) on July 15.
Who were the winners and losers? The winners certainly are not the banks or the financial industry in general; however, as many commentators point out, it could have been much worse (think reinstatement of Glass-Stegall, which had been proposed). Hopefully the winners will turn out to be you and me (or, the “taxpayers,” as the Obama administration likes to point out). Time will tell.
