This story appeared in Bank Digest.
July 21, 2016, marked six years since the Dodd-Frank Act became law and five years since the Consumer Financial Protection Bureau began operating, and a number of Congress members, as well as Treasury Secretary Jacob Lew, issued statements relating to one or both of these anniversaries. Senator Sherrod Brown (D-Ohio), Senate Banking Committee Ranking Member, issued a statement on the CFPB's fifth anniversary, saying: "Time and again, the bureau has exposed unfair and abusive behavior by financial companies that previously had no federal watchdog focused on consumer protections." He went on to say that the bureau "has made consumer financial products safer and better for consumers--but its work is not finished."
House Financial Services Committee Chairman Jeb Hensarling (R-Texas) referred to the Dodd-Frank Act as "a grave mistake" and said it "includes a taxpayer-funded bailout scheme for banks designated 'too big to fail.' “He also said the Act "gives big banks an advantage over small ones that can't keep up with the size, cost and complexity of all its regulations." In contrast, House Financial Services Committee Ranking Member Maxine Waters (D-Calif) said that since Dodd-Frank became law, "we have seen a financial system that works better for consumers and an economy that is stronger because of it." She also said the CFPB "has been remarkably successful."
House Democratic Leader Nancy Pelosi (D-Calif) said the enactment of the Dodd-Frank Act "ushered in a new era of financial security and consumer protection for hard-working Americans." Similarly, Treasury Secretary Jacob Lew said that after six years, "we can say without question that Wall Street Reform has made our financial system safer and sounder." A Treasury Notes blog post also discussed progress the author said had been made since Dodd-Frank was signed into law, and the Treasury Department released a document entitled "Dodd-Frank at Six Years: Reforming Wall Street and Protecting Main Street" that was also devoted to describing progress made since the Act became law.