Representative Barney Frank and Senator Chris Dodd, Democrats of Massachusetts and Connecticut, respectively, are working on massive new legislation that will serious overhaul how our financial markets are needed.

On the surface, many people won’t object, especially after the turmoil we’ve been through over the last year, but if you dig a little deeper, you’ll see what the problem is.

Essentially, we’re going to give the federal government  TARP 4 Ever. In other words, dramatic, game-changing regulation and resuscitation of financial institutions banks could become the every day norm in America.

Resources

• Bloomberg | U.S. Rules Revamp Gains as Frank Sets Vote, Senate Bill Readied
• WSJ | Clash Looms on Banks
• WSJ | Bank Crackdown Draws Criticism
• Marketwatch | Critics take Frank ‘too-big-to-fail’ bill to task