by Tim Johnson
Wall Street Reform laid a foundation for financial stability
It was only a few years ago that our economy was hit by a financial crisis created by reckless behavior on Wall Street and a lack of consumer protection.
It is shocking how quickly some in Washington have forgotten the painful consequences of inadequate regulation -- though the millions of Americans who lost their jobs, homes, or retirement savings surely have not.
The Dodd-Frank Wall Street Reform and Consumer Protection Act created a sound regulatory foundation to protect consumers, rein in excessive risk taking on Wall Street, and put an end to "too-big-to-fail" bailouts. The idea that we should return to the rules that were in place before the financial crisis would be laughable if it were not being proposed by Republicans in
Repealing Dodd-Frank would eliminate the new
Repealing Dodd-Frank would put the entire economy in danger, by taking away the financial regulators' ability to deal with future crises.
Critics say the Wall Street Reform Act is too expensive, but ignore the trillions of dollars our nation lost because of inadequate regulation.
They claim, without a shred of evidence, that repealing the law would somehow create jobs, apparently having forgotten the millions of Americans who are still unemployed because the old rules weren't strong enough. Efforts to tear down Dodd-Frank and return to the failed policies of the past are misguided, irresponsible, and dangerous.
Repealing Dodd-Frank Would Put the Economy in Danger | Politics
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