Financial reform legislation was subverted into regulation of regulators.
Evidence
Partisan lawmakers who side with Wall Street tried to curb the independence of the Consumer Finance Protection Bureau and to water down the regulatory rules for the Dodd-Frank financial reform bill. They blocked confirmation of nominees for leadership and regulatory positions in key agencies, leaving them in limbo (Wyatt & Protess, 2011). What began as a legislative effort to rein in the detrimental practices of Wall Street turned into a concerted effort to rein in the regulators. — Albert Bandura, Moral Disengagement, 1562
Categorization
Category: Factual Claims