WASHINGTON The Dodd-Frank Act, which was designed to target the largest institutions, will end up hurting community banks, according to a paper released Tuesday by the conservative American Enterprise Institute.
"Although policymakers enacted Dodd-Frank to avoid too-big-to-fail situations, in reality, its effect is the opposite. The act will force greater asset consolidation in fewer megabanks by increasing the competitive advantage large banks have over smaller banks," Wake Forest University law professor Tanya Marsh and K&L Gates associate Joseph Norman wrote in the paper commissioned by the think tank.
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