Dodd-Frank and Loan Sharks

A professor at George Mason University Law School, Todd Zywicki, has a piece in the Wall Street Journal arguing that the effect of the 2009 Card Accountability Responsibility and Disclosure (CARD) Act and the 2010 Dodd-Frank financial "reform" law has been to push lower-income customers out of the banking system and into the hands of check-cashing joints and payday loan providers. He writes, "Congress can pass all the laws it wants, but it can't repeal the law of supply and demand and the law of unintended consequences."