I agree, however they are cumbersome because the banks, their lobbyists and the senators who take money from them ensured that they would do little to curb their activities.  Even individual banks no doubt saw an opportunity to include provisions that might give them a competitive advantage over their peers.

Yes, the rules should be simple and the penalties for transgression explicit however with an army of lobbyists, senators and think tanks beholden to the financial sector this is unlikely to be achieved even if there were interest in doing so.