The Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Act”), signed into law by President Obama on July 21, 2010, created a major overhaul of the financial industry. For years, advocates have praised the benefits of financial reform and promoted legislation that would provide such reform. Specifically, these advocates have focused their support on consumer protection legislation. The Act addresses many of these concerns by creating an entirely new regulatory regime with the purpose of “ensuring that all consumers have access to markets for consumer financial products and services and that markets for consumer financial products and services are fair, transparent, and competitive.” This paper describes the new regime and its powers and analyzes the effectiveness of the new bureau, which is still in its early stages... [Read more!]
Did the government-constructed narratives surrounding the collapse of Fannie Mae and Freddie Mac and the 2008 financial crisis shape the policymaking that led to the Dodd-Frank Act. In Bad History, Worse Policy, Peter Wallison argues that every major provision of the Dodd-Frank Act can be traced directly to that narrative, which ignored the government’s own role and focused entirely on the errors of the private sector. What are the consequences and fall out from Wallison’s assertion? This podcast is a recording of a previously held conference call and has not been edited for sound quality.