Congress is looking to make changes to the post-financial crisis regulatory system, but it’s not going to “roll back” Dodd-Frank. Don’t take it from me, but from one of the former congressmen after whom the Obama-era financial regulation is named. Barney Frank has expressed opposition to S. 2155, the banking reform bill slated to be passed this week with Republican and minority Democratic support. But he doesn’t believe the bill will “make a serious dent” in post-crisis financial rulemaking.

Frank may view this as a good thing, but the bill’s timidity is precisely its chief weakness. Many of the measures it contains are certainly welcome. It will lower regulatory requirements on less risky mortgage contracts for which banks are willing to bear part of the risk. It eases supervision, which had led to ballooning compliance costs after 2008, on all but the largest banks.