The fourth of a six part series airing on the McCuistion Television Program, which has been focused on the 2008 financial crisis, “Have Dodd- Frank and Other Regulations Been Effective?” (watch it here), featured my Bank Whistleblowers United colleague, William K. Black.
William, a white collar criminologist and former financial regulator as well as the author of The Best Way to Rob a Bank Is to Own One, was joined by: George A. Selgin, PhD: Director of the Cato Institutes’ Center for Monetary and Financial Alternatives, Professor Emeritus of Economics at the University of Georgia and C.K. Lee, a former bank regulator, now Managing Director, Investment Banking, Commerce Street Capital. Jeb Hensarling (R- TX):Chair of the House Financial Services Committee gave his views via a prior taped interview.
The diverse comments were unanimously not in agreement. Yet each one believes to some extent that regulations and the way they are enforced have set up a tyranny in our financial system which favors the big banks at the expense of community banks which are crippled with the cost of regulations. As Representative Hensarling emphasized, Dodd-Frank and other regulations are imposing huge costs on banking because of their complexity and volume.