Best Summary of a 2,300 Page Financial Regulatory Bill

Steven Davidoff writes as The Deal Professor at the New York Times, a commentator for DealBook on the legal aspects of mergers, private equity and corporate governance. He is a former corporate lawyer at Shearman & Sterling, he is a professor at the University of Connecticut School of Law.

He writes today after actually reading the entire 2,300-plus page bill that passed today, now ready for President Obama’s signature, and his verdict is positive:

My law professor verdict: There are many things to applaud in this bill and much in there that will substantially enhance the government’s power to regulate the financial industry. On the whole, if you think that the financial industry needs more supervision and financial regulators more tools, you should be relatively happy. If you are an advocate of big world changing ideas like breaking up the banks, you will be less so.

Even then, in these 2,300-plus pages are years of regulation in the making. This regulation, and the “hidden” provisions of the bill that most people have yet to notice, may bring substantial change along the big ideas of what some of these economists advocate.

Davidoff then examines specific sections of the bill.

Stop by the NYTimes and read his analysis. Then, read the entire bill, or this handy 884 synopsis provided by Congress.