The good, bad, and ugly, four years after financial reform.
Six years ago in September, following a decade of under-regulation, reckless Wall Street practices crashed our economy. Two years later, in July 2010, Congress passed the Dodd-Frank Wall Street Reform and Consumer Protection Act. Since then, the process of turning the financial reform legislation into implementable law has frequently been stalled. Armies of well-financed lobbyists representing banks and industry interests have labored to water down and delay the rules, but still, consumers are reaping huge benefits from the legislation. These accomplishments are exemplary of the way our regulatory system should work to hold corporations accountable and protect the public from harm, but they are only the first steps on a longer journey to financial security and regulatory transparency.
Without a doubt, the Consumer Financial Protection Bureau (CFPB), first envisioned by then-Professor Elizabeth Warren, has had an incredible impact on the ability of consumers to make informed decisions about financial goods…
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