The Dodd-Frank financial reform law turns five next month. To some U.S. lawmakers, this happy occasion calls for rolling back the burdensome requirements of an act written in the dark days of a global crisis whose origins weren’t fully understood.
They have a point. The law is much too complicated and ought to be simplified. But this doesn’t amount to simply rolling it back. Getting financial regulation right involves a judicious mix of strengthening some aspects of Dodd-Frank and relaxing others.