Surprise! Dodd-Frank Helps JPMorgan Chase
When President Barack Obama signed the Dodd-Frank financial reform bill into law three years ago, he promised it would encourage healthy change and competition.
"This reform will help foster innovation, not hamper it. It is designed to make sure that everybody follows the same set of rules, so that firms compete on price and quality, not on tricks and not on traps," Obama said.
How is that working out? It turn out that in the view of the head of one of the biggest banks in the United States, Dodd-Frank is helping the big banks by making the cost of regulatory compliance so high that smaller rivals cannot compete.
In other words, Dodd-Frank is good for JPMorgan and bad for smaller competitorsComment: There's some good political cartoons associated with Dodd Frank: here, here, here and here.