Washington DC based Better Markets released the report ‘Ten years of Dodd-Frank and financial reform: Obama’s successes, Trump’s rollbacks and future challenges’ as well as the report ‘President Obama in his own words: Making financial reform a reality 2009-2016’ on the occasion of the 10th anniversary of the signing of the Dodd Frank Act and a virtual conference on this organised by Better Markets.
Better Markets – Special Reports
21 June 2020
Source: Better Markets
Better Markets released two reports on 21 July 2020, on the 10-year anniversary of the signing of the Dodd-Frank and Financial Reform Act. The reports were released during the virtual conference ‘Ten Years After Dodd-Frank’ that it was co-sponsoring with George Washington University Law School’s Business and Finance Law Program on 21 July 2020, with speakers including former President Barack Obama, Senator Elizabeth Warren, former Senator Chris Dodd and former Rep. Barney Frank, among others. (The event is available to hear and watch on youtube via link on Better Markets website).
Dennis Kelleher, president and CEO of Better Markets, said: “As the country faces social upheaval, political unrest and economic turmoil, it is important to discuss and reflect on the Dodd-Frank Act because financial stability, financial reform and financial rules are the means to achieve some of the country’s most important social, political and economic goals. Foremost among those goals is to transform a financial system that is too often a wealth-extraction mechanism for the few into a wealth-creation system for the many.”
Ten years of Dodd-Frank and financial reform: Obama’s successes, Trump’s rollbacks and future challenges explores the consideration, passage and implementation of the historic financial reform law. The report highlights the dangerous weakening of the law during the Trump administration and shares ideas many are raising about what comes next for financial reform—beyond the Dodd-Frank Act.
President Obama in his own words: Making financial reform a reality 2009-2016 reviews all of the statements and speeches made by the President during his administration related to his fight for financial reform, including those related to the unrelenting industry and political opposition. The challenges, frustrations and importance in fighting for, passing and implementing the most sweeping financial reform law since the Great Depression come through loud and clear.
“These reports are stark reminders of what was at stake then and what is still at stake today in financial reform. Unfortunately, too many in the financial industry, led by Wall Street’s too-big-to-fail banks, are still working to weaken and gut the Dodd-Frank Act. These reports make clear the importance of the Dodd-Frank Act and why we must remain vigilant and prevent additional rollbacks that threaten Main Street families’ jobs, homes, savings and so much more.”
Special report – Ten years of Dodd-Frank and financial reform: Obama’s successes, Trump’s rollbacks and future challenges
The Dodd-Frank Act of 2010 attempted to radically reform our country’s financial system. It aimed not only to ensure that American taxpayers would never again have to bail out Wall Street, but also to create a new financial system that would reduce inequality, support the productive economy, produce sustainable growth, and protect investors.
Ten years after Congress passed the Dodd-Frank Act, we are still grappling with its consequences. While some of its provisions have transformed our financial system, for the better, many have yet to be implemented at all, and others are being actively dismantled by deregulatory ideologues.
During this time of financial, economic and political upheaval, it is important to reflect on this landmark piece of legislation, and the impact it has had on millions of Americans. “Ten Years of Dodd-Frank and Financial Reform” traces the act’s history, showing how it has benefited Main Street families and Wall Street banks alike, and discusses the future of financial reform.
We must heed the lessons of history. Ten years after passage of the Dodd-Frank Act, enacted to respond to a financial crisis that had a devastating impact on tens of millions of Americans, it has proven to be largely effective legislation that has increased the safety, soundness and stability of the American financial system. As the 2008 financial crisis taught us (and as the Great Depression taught us before that), creating and maintaining a stable financial system is critical to many other key goals, including reducing economic inequality; providing sustainable and broad-based economic growth; and protecting consumers, investors and the economy.
Recalling the lessons of history, and the Dodd-Frank Act’s critical role in maintaining a safe and stable financial system, is essential as we confront the continuing effort of the financial industry to undermine the Dodd-Frank Act by advocating for weaker rules, an effort which the Trump administration has been far too receptive. We must also keep these lessons in mind as we consider what comes next in financial reform, to achieve those goals so critical to ensuring the continued strength and vitality of the American system and the prosperity of all Americans.
Special report – President Obama in his own words: Making financial reform a reality 2009-2016
During the worst of the economic fallout of the 2008 financial crisis, millions of Americans were losing their savings, their homes and their jobs and the U.S. government had spent, lent, guaranteed or otherwise used $29 billion to bail out Wall Street. At the same time, small businesses languished, and many feared that the country would soon face a second Great Depression. The times were scary and uncertain, and President Obama faced monumental tasks during his first days in office.
“President Obama in his Own Words: Making Financial Reform a Reality 2009-2016” recaptures the atmosphere of that time. By retracing the president’s comments on financial reform, we show how the Dodd-Frank Act emerged as a solution to the many crises facing the country at the turn of the decade, and how the most impactful piece of financial reform legislation of the last 50 years was shaped by those times.