Thursday, May 09, 2013

``Act of Congress'' Recounts Fascinating Inside Story on How Dodd-Frank Was Enacted

A book entitled ``Act of Congress: How America's Essential Institution Works and How It Doesn't,'' by Robert G. Kaiser of the Washington Post, provides an excellent and definitive study of how the Dodd-Frank Wall Street Reform and Consumer Protection Act was enacted into law. The book reveals the inside and as yet untold story of how Congress came to pass this monumental, landmark and complicated piece of legislation. The book relates the intense and ultimately unavailing effort of Senator Christopher Dodd (D-Conn) to report a bi-partisan financial regulatory reform bill out of the Senate Banking Committee. The book recounts the lengthy and tortuous negotiations between Chairman Dodd and Senator Richard Shelby (R-Ala), the Committee's Ranking Member, to reach an agreement on a bi-partisan piece of legislation. The author had extraordinary access to the main congressional players and their staffs and relates a detailed and fascinating story. The book also faithfully recounts the efforts of Rep. Barney Frank (D-Mass), Chair of the Financial Services Committee to get the bill passed in the House.


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