Angelides, Phil

On The Anniversary Of Dodd-Frank: Wall Street Fights Back And American Families Fight To Survive

By Phil Angelides

Three years ago this summer, the flood tide of Wall Street recklessness began to overtop the weakened levees of restraint erected decades ago to protect our nation from financial disaster. By the fall of 2008, the economy was drowning in a sea of recession, with businesses shuttered and struggling, millions of people tossed out of their homes and their jobs, and the hopes and aspirations of millions more crushed beneath the weight of the financial floodwaters.

One year ago last week, to begin repairing the damage wrought by this avoidable catastrophe and to avert the next financial crisis, President Obama signed the Dodd-Frank financial reform law, enacting sweeping and needed new protections for the marketplace and consumers. The law contained the most significant changes in financial regulation since the 1930s, sensibly so given the magnitude of the calamity we faced.