Senator David Vitter (R- La.) predicts that regulators, using their authority under Dodd-Frank, will "once again bail out Wall Street and its creditors, perhaps with some feel-good (and probably politicized) restructuring of those firms for window dressing" when the next financial crisis hits.
Vitter, a member of the Senate Banking Committee, argues in the Wall Street Journal that the Dodd-Frank Act does more harm than good and that the regulatory burden is driving consolidation in the industry.
"Instead of Dodd-Frank's over-regulation, we should require a higher capital ratio for megabanks. And this ratio should be clearer and less vulnerable to being gamed than the overly nuanced, subjective Basel III formula," he writes.
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