After it is signed into law, bank and securities regulators will begin work on writing and adopting 243 rules ordered by the legislation – roughly three times as many as those required by the landmark, post-Enron Sarbanes-Oxley Act.
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The 2,323-page bill requires . . .
Firms of all sizes and legal types will spend billions of dollars and person-hours sorting through and complying with this b.s. Between this bill and the credit card regulations previously enacted, financial firms will dedicate a huge amount of resources on compliance instead of creating jobs, wealth, and satisfying their customers. Oh sure, jobs and wealth will be created for the consultants and firms that help with the compliance of these new rules. But those are more of a burden and direct cost of doing business, as contrasted with business investment and initiatives that seek to produce wealth and prosperity.
I don’t know for sure but my guess is the I.T. and legal industries will do well, such as computer storage firms EMC and NetApp. As I said, the rules are a cost of doing business and a drain on corporate coffers.