Williston cites William Isaac, the former chairman of the Federal Deposit Insurance Corp., and Dallas Fed President Richard Fisher as critics of the 2010 Dodd-Frank Act . Additionally, Williston calls for the amendment of several Dodd-Frank provisions, Statesman.com reports.
“Perversely, this legislation has the potential to actually increase the threat of too big to fail as hundreds of community bank charters are eliminated due to increased compliance costs,” Williston said, according to Statesman.com.
Isaac has been a vocal critic of Dodd-Frank and its abilities to stem too-big-to-fail.
“I think that Dodd-Frank is a terrible piece of financial legislation,” Isaac said, according to Statesman.com. “It didn’t address any of the causes of the crisis that we just went through. It won’t prevent the next crisis. It’s heaped volumes and volumes of regulations.”
Fischer also warned of the danger of Dodd-Frank.
“Dodd-Frank does not eradicate (too big to fail),” Fischer said, Statesman.com reports. “It may actually perpetuate an already dangerous trend of increasing banking industry concentration.