The editors of National Review explain their opposition to the Dodd financial regulatory reform legislation in a lengthy, three-page article available for free online.

Here’s the first paragraph, dealing with the permanent bailout fund established under the proposal:

The dirty little secret about the Obama administration’s “Wall Street reform” bill is that it’s full of favors for Wall Street. Case in point: You might have heard about the new $50 billion fund that would be used to wind down large financial firms that became insolvent. The fund would come from assessments on Wall Street banks, based on the principle that these “too big to fail” institutions should pre-fund their own bailouts. But you probably didn’t know that these assessments would count as tax-deductible business expenses, meaning that for every dollar the banks would pay into the fund, 35 cents would come out of the Treasury.

In short, taxpayers big and small will end up getting socked…again. The legislation ensures that the federal government will be bailing out banks and financial institutions for many years into the future — it does not end the need for bailouts. The bail out process is simply expedited.

You should really take time to read the full article. It covers the new bureaucracy that would limit consumer choices; backdoor bailouts; and the expansion of union influence in the private sector. And then be sure to catch the Heritage Foundation’s checklist here, if you haven’t already.