Mixed appraisals on Dodd-Frank four-year anniversary

This story appeared in Bank Digest.

In a statement marking the four-year anniversary of the Dodd-Frank Act, Treasury Secretary Jacob J. Lew called the measure "the most comprehensive set of reforms to our financial system since the Great Depression." He said the government's response to the financial crisis was "forceful." The government not only "worked to repair the damage, we also pursued Wall Street Reform to lay the groundwork for a safer financial system and to curtail the behavior and practices that put our financial system and economy at risk." Lew added.

Sen. Sherrod Brown (D-Ohio) stated that "The economy has come a long way since undergoing the most severe economic downturn since the Great Depression," but added that "Wall Street banks are back to huge profits and executive bonuses" and "too many working Americans are either struggling to find work or haven't seen a raise in years." Brown said "it's time for financial regulators to finalize important rules reining in Wall Street excesses."

Rep. Scott Garrett (R-NJ), Chairman of the Financial Services Subcommittee on Capital Markets and Government-Sponsored Enterprises, pointed to the economy's "anemic growth" and stated, "In addition to holding back the economy, Dodd-Frank also puts unsuspecting American taxpayers on the hook for endless Wall Street bailouts."

Rep. Ed Royce (R-Calif), Chairman of the House Foreign Affairs Committee and a senior member of the House Financial Services Committee, said, "The Dodd-Frank Act not only failed to eliminate 'Too Big To Fail', but codified it, all the while ignoring the $10 trillion government mortgage monopolies Fannie Mae and Freddie Mac."