Like all big government programs, the intent was well-intended but it overstepped the roll of the federal government and what is outlined in the Constitution for it. Consider the following three entities from Dodd-Frank:
Consumer Financial Protection Bureau (CFPB) -- an agency that started in July 2011, has a stated purpose of regulating consumer protection in the U.S., namely dealing with credit cards, mortgages, bank products and services, private student loans, and other consumer loan complaints. It is an independent unit located inside and funded by the Federal Reserve, with interim affiliation with the Treasury. There is no Congressional oversight. In other words, they can do what they what, when they want, and there is no real recourse.
Office of Financial Research (OFR) is part of the U.S. Treasury Department. Its intent is to improve the quality of financial data available to policymakers and facilitate more robust and sophisticated analysis of the financial system. The data it collects will be for the express benefit of the Financial Stability Oversight Council.
Financial Stability Oversight Council (FSOC) was established to monitor and ensure the stability of our nation's financial system. The Council is charged with
identifying threats to the financial stability of the United States; promoting market discipline; and responding to emerging risks to the stability of the United States financial system. The Council consists of 10 voting members and 5 nonvoting members and brings together the expertise of federal financial regulators, state regulators, and an insurance expert appointed by the President.This is an impossible task and bureaucracy personified. All it will do is give the federal government subjective control over whatever they want in the realm of finance and banking. Its meetings will not be open to the public because they will claim they will be discussing confidential items that will prevent destabilizing market speculation.
Every time government expands, all in the name of the public's well-being, it actually means less liberty and greater taxation. Dodd-Frank was no exception.