Connecticut Commentary: Red Notes from a Blue State

The Financial Reform bill, now known as the Dodd-Frank bill for Senator Dodd and Representative Frank, passed the Senate last Thursday by 60-37, with the help of three Republicans. It passed the House on June 30. When signed by the President (probably this week), it will become law. Its 2319 pages make it the longest bill in the history of financial regulation. The Federal Reserve Act of 1913 was 31 pages; the Sarbanes Oxley was 66 pages. In its 2319 pages could be found by any reporter Section 342, the Office of Women and Minorities. In our July 7 column, we reported this Office was no longer in the bill. A mistake. How did it happen? Not seeing it mentioned in the media, we assumed that it had been deleted. Its first mention was on Internet July 8, the day following our column. It was inserted by its discoverer, Diana Furchtgott-Roth, of the Manhattan Institute, who was searching for derivatives. The bill says that gender- and race-employment ratios must be observed in the publ...