Q: Is Dodd-Frank working?
YES Dennis M Kelleher, president and CEO, Better Markets In
late 2008, the nation's financial system teetered on the brink
of collapse, brought there by the worst financial crisis since
the Great Crash of 1929. The economic wreckage that followed
was the worst the country had experienced since the Great
Depression. Indeed, the Great Recession, as it has come to be
known, will end up costing the country more than $20 trillion
in bailouts, lost jobs, foreclosed homes, drained retirement
savings, and more. In response, Congress passed and President
Obama signed the Dodd-Frank Wall Street Reform and Consumer
Protection Act, which overhauled or enhanced virtually every
aspect of America's financial protection rules: banking,
securities, commodities, derivatives, and consumer protection.
Critics of Dodd-Frank like to say the law was not needed, that
it hasn't worked, and that it has stifled lending and economic
growth. The evidence is indisputable: these...