As far as I know, President Barack Obama never said that if you like your life insurance options, you can keep them. He may therefore get off the hook as a deceiver if the Dodd-Frank regulatory law does what is now plotted, though he will still share responsibility for the insurance provision that along with others could bloody lots of noses.
A conglomeration of marketplace interventions lovingly promoted by the president, Dodd-Frank is now barreling our way. It’s true that different agencies had been too busy bumping into each other, consulting with affected parties and wrestling with complicated passages to get all the rules written. But Obama called the regulators in to tell them, by golly, to start regulating. And so, befuddled or not, the regulators are coming.
The idea behind the law — officially known as the Wall Street Reform and Consumer Protection Act — is to make sure we never have another financial crisis of the kind we had in 2008. It was supposed to address the issue of too big to fail, and it does so questionably with lopsided prohibitions and is ultra-filled with a jumble of bureaucratically empowering irrelevancies and potentially damaging, obscure guesstimates.