The Source: Dodd-Frank 5 Years Later
The near financial meltdown in 2008 precipitated some of the biggest bank bailouts and government giveaways in history. That, in turn, paved the way for the largest reforms to the financial sector in several generations, the Dodd-Frank Wall Street Reform and Consumer Protection Act.
Dodd-Frank was tasked with creating more than 200 rules, along with it the Consumer Financial Protection Bureau. It celebrated its 5 year anniversary Tuesday and has completed only two-thirds of the rules mandated.
The act was passed without GOP support and now there are several talking about rolling it back or repealing it. Where are we now? Did Dodd-Frank make the financial system more stable?
- David Wessel, director of the Hutchins Center on Fiscal and Monetary Policy at Brookings
- Daniel Walz, professor of Finance at Trinity University