I’ve written about the financial reform before, but I though it was important to bring it up again now that it has been signed into law. There are some good things in this bill. There are also some things that will hurt small business in both the short run and long run. Consumer protections, for example, are good. But hardships and additional costs to small businesses is not. Now, it’s possible I’m overreacting, but when you jam different provisions of law into a tome the size of Texas, I think most people will agree that it is not efficient, and not a good way to regulate the financial industry.
I would like to touch up on one item that I think is good though, which I will expand upon in another blog post. The rules requiring Defined Contribution plans (that’s your 401k) to have either an independent advisor review the plan, or a computer program. Now, I’m not thrilled on the computer program, but these programs are a lot smarter than they used to be, so I’ll reserve a little judgment.
One thing that is for sure with the new Financial bill: We’ll be seeing it’s effects for years to come.