I’m not in favor of private sector business breaking the law nor am I in favor of politicians doing the same. The Democrats and Obama favor regulation that will lead them to their promised land of government control over private business.

Chris Dodd (D-CT) and Barney Frank (D-MA) have now completed their House and Senate versions of financial regulation that Barack Obama wants on his desk by Independence Day. How appropriate, lose more independence on the day we celebrate what is now become fleeting liberty and independence.

A 2,000-page monstrosity, the Dodd-Frank financial regulation bill is short on specifics, giving regulators significant power to determine its impact. This law is going to be continually rewritten by federal bureaucrats for years to come.

Here is a small breakdown of the faulty Dodd-Frank financial industry takeover:

Permanent Bailout Authority: Dodd-Frank creates an “orderly liquidation” process empowering regulators to seize financial institutions they deem failing. The bill allows regulators to takeover and sell off a private business without judicial review. Seizing private property doesn’t pass the Constitutional smell test.

Trusting the Same Regulators that Failed Last Time: Dodd-Frank establishes a new 10-member Financial Stability Oversight Council composed of regulators that would be responsible for monitoring and addressing system-wide risks to the financial system. This group will have unlimited powers to draft financial firms into the regulatory system and even force them to sell off or close pieces of themselves.

Brand New Innovation Killing Regulators: Dodd-Frank establishes a new Bureau of Consumer Financial Protection with broad powers to regulate the financial products and services that can be offered to consumers.

Micromanaging the Market: Dodd-Frank creates a form of the “Volcker rule” which would largely prohibit any bank or other institution with FDIC-insured deposits from undertaking proprietary trading or from owning or sponsoring hedge funds or private equity funds.

Fannie and Freddie Forever: Dodd-Frank does nothing to address Fannie Mae or Freddie Mac both government pets who have received much of the Federal bailout money. Both government sponsored failures are now in receivership and played an enormous part in the housing bubble, despite complete denial by Dodd and Frank.

As someone who donated to Scott Brown’s campaign to win a Senate seat in Massachusetts he has been on record as cutting a deal to help his state institutions with language that may exempt them from some of this mess. I call it a vote for a favor and screw the rest of the nation. I also wrote and called the Brown reelection offices to call out previous votes for stimulus money and the so-called jobs bill as disingenuous.

However, Brown is now reconsidering his original vote in favor of the measure. Scott released a statement explaining:

“My fear is that these costs would be passed onto consumers in the form of higher bank, ATM and credit card fees and put a strain on lending at the worst possible time for our economy. I’ve said repeatedly that I cannot support any bill that raises taxes.”

Had Brown not figured this out before his initial vote? Are other Republicans on board with this mess? Where are the erstwhile Maine “RINO” twins Olympia Snowe and Susan Collins?

This bill will retard economic growth,  cost taxpayers billions and further retard job growth. Pick your poison but any member of the GOP cutting a side deal for this enormously flawed legislation is beyond a RINO and should never confuse themselves as Conservative.

The devil is in the details and drilling down into Dodd-Frank and voting for it is climbing in bed with the Devil. Indeed!

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