When it came time to vote, the Dodd-Frank bill ended up being a nonissue. It certainly wasn't anything either side could campaign on. But we're hearing a lot of rhetoric in the wake of the midterms from critics of Dodd-Frank who would like to repeal various aspects of it. Some of this strikes me as mere posturing.

Consider the Volcker Rule, which exemplifies the high-stakes nature of all of this. Wall Street has made its peace with the provision meant to reduce its exposure to proprietary trading. One possible successor to Barney Frank as head of the Financial Services Committee is suggesting the rule may need to be revisited out of concern that American banks, the likes of Goldman Sachs and Morgan Stanley, stand to lose business to overseas banks, according to the Financial Times.

To be sure, the final rules aren't written yet. But big banks have been motivated to comply as best they can. Goldman Sachs decided to end its prop trading unit; some promptly decamped for Kolhberg Kravis Roberts. Others sold off stakes in alternatives units that no longer made sense.

The argument about more clients deserting U.S. banks seems far-fetched. But it does underscore that a new mindset may be taking hold in Congress.

And critics of reform on Wall Street have reason to cheer. Another target of the new guard will likely be the new Consumer Protection Bureau mandated by Dodd-Frank and a host of other areas where we still are awaiting rules. We can only hope that common sense will prevail.

For more:
- here's the article
- here are the new overlords of Wall Street