In the process of reforming the financial markets–which spun out of control, wreaking havoc on our economy and the lives of millions of Americans–Congress was unable to generate a solution that is more than a patch for the holes in the existing flawed model. It did, however, manage to spare the insurance industry in many ways.

The Dodd-Frank Act, H.R. 4173, is certainly substantial, adding more than 2,000 pages of new legislation and amendments to existing law. It also sounds impressive, creating the Consumer Financial Protection Bureau and a Resolution Authority to determine “systemic risk” and break up troubled financial institutions.

The bill enhances bank capital standards and limits a bank’s ability to trade for its own account, invest in hedge funds and trade derivatives unless on open exchanges–although these three limitations were greatly diminished in the rush to arrive at a compromise bill.

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