Five years ago on July 16, 2010, Congress enacted the Dodd-Frank Act. It promised unprecedented regulation of the financial sector so that the devastation of the 2008 financial crisis that was visited mostly on middle- and low-income Americans in the form of the Great Recession would not be repeated. Though the law was far from perfect, Dodd-Frank includes many important reforms, from bulwarks against the systemic risks of casino capitalism to protection against predatory consumer lending.
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