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.

For the full piece see "Dodd-Frank's Heavy Hand but Slight Value" (may require subscription).