# An op-ed by Profs Thomas Cooley and Kim Schoenholtz on loopholes in Dodd-Frank

1 Faculty News April 16, 2012 ![Bloomberg logo](/sites/default/files/styles/246w/public/assets/images/bloomberg192x144.jpg?itok=yV529lwz)>

Excerpt from [Bloomberg View](http://www.bloomberg.com/news/2012-04-16/how-shape-shifting-banks-foil-dodd-frank-act.html) -- "...Dodd-Frank failed to heed a fundamental law of architecture: Form must follow function. For financial regulation to be effective, it should focus on economic function, rather than legal form. If it doesn’t, institutions will quickly find new forms that free them of regulatory constraints. What walks like a duck and quacks like a duck must be regulated as a duck, even if it is legally a goose."

[Read more  ](http://www.bloomberg.com/news/2012-04-16/how-shape-shifting-banks-foil-dodd-frank-act.html)