In 2010, the Dodd-Frank Act attempted to limit future risks to the financial system with a laundry list of new restrictions and standards for financial institutions. Five years later, it's unclear whether the wave of new regulation has been a worthwhile trade-off.

House Financial Services Committee chairman Jeb Hensarling labeled Dodd-Frank a failure in his July 2015 Wall Street Journal editorial. Hensarling put his finger on the real issue: "It wasn't deregulation that caused the crisis, it was dumb regulation." Meanwhile, financial industry insiders argue that the Volcker Rule as well as regulations regarding capital adequacy, qualified mortgages, risk retention, derivatives and liquidity have all led to higher compliance costs and fewer business opportunities to generate a profit. They say the combined effect of Dodd-Frank and its higher operating costs also restrict credit availability and reduce liquidity in the economy.

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