The Dodd-Frank Act of 2010 has been a disaster for our financial system. Passed in haste after the financial crisis ostensibly in order to stop it from ever happening again, it is actually just a laundry list of leftist command-and-control policies designed to hobble Wall Street. Bureaucrats were given power to decide what risks are healthy for the economy. As might be expected, the bureaucrats have hobbled Main Street with their decisions, reducing the free flow of money through the economy and stopping businesses and citizens getting access to the credit that they desperately need.
On November 19, however, a panel of three judges from the DC circuit will hear arguments in a case brought by the Competitive Enterprise Institute (CEI) and others challenging the constitutionality of this new bureaucracy. If the judges rule in our favor, Main Street and Wall Street should both breathe a sigh of relief.