Is Dodd-Frank the Biggest Law Ever?

摘要

The passage of theDodd-FrankWall StreetReformandConsumer Protection Act in 2010 continued a trend toward lengthier andmore complex acts ofCongress. In this article, we use novel metrics of the size, scope, and complexity of acts of Congress to assess Dodd- Frank’s place in this trend. Our analysis is consistent with the hypothesis that, in terms of its regulatory effects, Dodd-Frank is the biggest act of Congress in recent history and may become the biggest ever.We argue that this trend toward longer and more complex laws can cause deterioration in the quality of the regulations the laws authorize for two procedural reasons. First, a large act can create a regulatory surge that overwhelms the quality control process. Second, because a large act can precipitate the creation of many regulations by different agencies that target the same industry, the agencies create rules in relative ignorance of their potential interactions.