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AFR Statement: Eight Years of Dodd-Frank, Ten Years After 2008 Financial Crisis

Submitted by on July 23, 2018 – 1:10 pm

FOR IMMEDIATE RELEASE

July 23, 2018

CONTACT:
Carter Dougherty, carter@ourfinancialsecurity.org(202) 251-6700

 

AFR Statement on Anniversary of Dodd-Frank

 Tomorrow AFR will host an event featuring key veterans of the financial crisis such as former FDIC Chair Sheila Bair to discuss the legacy of the 2008 crisis and whether we have properly addressed the issues that led to it. Senator Sherrod Brown, Ranking Member of the Senate Banking Committee, will give a keynote address and Senator Elizabeth Warren will also give a speech. For conference details, and to RSVP, click here.

Eight years ago, Congress passed, and the President signed, the Dodd-Frank Wall Street Reform and Consumer Protection Act in response to the financial crisis. It put in place rules to make the financial system safer, and consumer markets fairer. Many more changes are needed to create a financial system that supports an equitable and sustainable economy, but instead of considering next steps, since the passage of Dodd Frank Wall Street and assorted predatory lenders have been pushing to move us backwards and unravel existing reforms. They have already secured a round of deregulatory legislation and are now poised to get still greater gifts from the regulators, increasing the risk of another crisis and greater consumer abuse. Nearly a decade after the crisis broke, we need the public interest, not Wall Street’s narrow pursuit of maximum benefits for a tiny few to guide financial policy. But Wall Street’s money is an enormously powerful force pushing the other way.

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