“In the United States at the beginning of 2014, the people look to the future with cautious optimism to the past and with a little ‘fear. The markets have started to make sparks, real estate prices are rising, falling unemployment and GDP in constant, albeit modest, growth. At the same time, the specter of recession triggered by the collapse of Wall Street in 2008 continues to weigh on the mood of Americans, particularly those – and they are many – who are still picking up the pieces of a crisis in which they have lost jobs, savings and home. “

“Therefore, there remains some doubt, despite repeated assurances from the White House, the newfound stability of the U.S. financial system and the fact that what happened five years ago did not reoccur in the future. Understandably, the Obama Administration defends the reform law also known as the Dodd-Frank – the name of the two Democrats, former Sen. Chris Dodd of Connecticut and former Honorable Barney Frank of Massachusetts, who have sponsored. The Republicans, for their part, they see it as an assault on the free market and capitalism, to slow down, if not halt, what is the engine of the national economy, or Wall Street. For the experts, the problem is another: the complexity of today’s financial system and, consequently, that the reform itself make it easier to go around and threaten to render it ineffective in the long run.”

 “The law is overly complicated and therefore counterproductive – tells Pagina99 Lawrence Baxter, a professor of Law and schemes of financial regulation at Duke University in North Carolina – We relied on a maze of rules when instead we should try to restructure this industry in a more comprehensive and easier.’”

***

Read full Pagina99 article here.