From the a pro-limited government perspective, one of the most pernicious aspects of the Dodd-Frank Act was its creation of the Financial Stability Oversight Council. As Wikipedia explains:
The Financial Stability Oversight Council (FSOC) is a United States Federal government organization, established by Title I of the Dodd–Frank Wall Street Reform and Consumer Protection Act, which was signed into law by President Barack Obama on July 21, 2010. The Dodd-Frank Act provides the Council with broad authorities to identify and monitor excessive risks to the U.S. financial system arising from the distress or failure of large, interconnected bank holding companies or non-bank financial companies, or from risks that could arise outside the financial system; to eliminate expectations that any American financial firm is "too big to fail"; and to respond to emerging threats to U.S. financial stability. The Act also designates the Secretary of the Treasury as Chairperson. Inherent to the FSOC's role as a consultative council is facilitation of communication among financial regulators.
When the FSOC was proposed, many of us feared that it would routinely give proponents of new regulatory initiatives a second bite at the apple in cases in which the agency with principal responsibility for oversight of a particular area decided not to adopt some proposed regulation. Well, we were right. Activist SEC Chairman Mary Shapiro has been pushing proposals for money market mutual fund "reform" for a while now, but she failed to get her new regulatory proposals through the SEC. Three members of the Commission recognized that there were serious flaws in the regulations.
Instead of accepting defeat, however, Shapiro has gotten Treasury Secretary Geithner to propose that the FSOC "consider proposing new rules for money funds to get around the SEC impasse." Of course, impasse is precisely the wrong word. The SEC wasn't deadlocked. Shapiro withdrew the proposal because it would have lost.
And so the forces of big government are likely to win yet another round, thanks to having written a law that gives them two bites at every financial services apple.