The Dodd-Frank Act spanned 2,300 pages and mandated 390 new rules. One might think that that left little room for unelected regulators to use their own discretion to revise policies. Quite the contrary.
Despite burying regulators and banks in paperwork, the Democratic-enacted law actually left plenty of room for regulators — in many cases — to ignore some of that paperwork and interpret the statute as they see fit. That flexibility may be more relevant today than when the law passed in 2010. Congress is now unlikely to repeal the law, yet the Trump administration appears willing to appoint regulators that could roll back significant portions on their own.