Research by several nationally known universities has reached a startling conclusion about how big banks sought to influence the writing of Dodd-Frank.
The banks slowed the foreclosure of homes located in the districts of the members of the finance committee writing the law in 2009-2010.
While unusual it is sound political chicanery because the banks were probably right in that as long members are not getting angry calls from homeowners and interest groups from their own backyard then that could alter the perception of the problem.
Hence, it is plausible that those outside foreclosure hotbeds such as Florida and Nevada could claim that the foreclosure crisis did not hit their neighborhoods as hard.
Unfortunately, this was an artificial situation created by the banks to limit how far Dodd-Frank would go in regulating their activities.
It is yet another example of how big business and those with money can impact policymaking in ways that the average person never could.
