This is the Cato Daily Podcast for Friday, January 23rd, 2015. I'm Caleb Brown.

The U.S. House has taken a move toward fixing the Dodd-Frank Financial Reform of 2010,

but the problems with that financial reform won't be fixed with much less than a full repeal,

that according to Mark Calabria, Director of Financial Regulation Studies at the Cato Institute.

So the House passed a small package of about what were 11 separate bills.

I mean the total of the whole package is only about 30 pages.

About half of it deals with Dodd-Frank. The rest of it is kind of like a jobs act too where

there are changes to SEC registration requirements for small companies, definitions

for credit investors and such.

And what it really is meant to do, that aspect of the bill is meant to jumpstart investment in small businesses.

The other parts of the bill are really meant to deal with the regulatory burden.

There's some delay of a small provision and the vocal rule, but by and large modest tweaks nothing

in terms of the grand framework of Dodd-Frank has changed.

What are the biggest problems that remain within Dodd-Frank and how likely is it that this new Congress will do anything

about those problems.

So let's start with, you know, my opinion is Dodd-Frank is completely flawed and should just be simply repealed rather than death

by a thousand cuts and tweaking with it.

That said, there seems to be no interest in Republicans even though some of them for instance the new chairman

of the banking committee Richard Shelby has said he'd like to repeal it but

doesn't think he can do that so we are likely to see the Senate assemble a package while the House passes probably a

dozen so smaller bills. Think about the three big features of Dodd-Frank, you

know one is how do you deal with too big to fail and of course this is one features of

...