Head-to-head: is Dodd-Frank working?

Author: | Published: 28 Jun 2017

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...


 

 

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