Four years out from the passage of Dodd-Frank it is pretty clear that the bill did not lead to an fundamental restructuring of our financial system, as many had hoped. The too-big-too-fail Wall Street banks are bigger than ever and operating pretty much as they always did. Many of the highest earners in the country are still traders, hedge fund, and private equity types who are quite adept at shuffling paper, even if it provides no service to the productive economy. There is one important gain that can be identified from Dodd-Frank: the creation of the Consumer Financial Protection Bureau (CFPB). The importance of the CFPB was demonstrated clearly last weekend in a New York Times article on abuses in the subprime auto loan market.
Posted on: Tue, 29 Jul 2014 14:27:01 +0000
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