By Rachel Brody |
Passed in July 2010, the Dodd-Frank Wall Street Reform and Consumer Protection Act seeks to prevent financial crises like the one that sunk the economy in 2008. Among other things, it created the Bureau of Consumer Financial Protection within the Federal Reserve, and it instituted more than 200 new rules meant to promote transparency and limit risk within the finance industry. It was touted as the largest reform of financial regulation since the Great Depression. Though passed with bipartisan support, it since has been heavily criticized. Many argue that the regulations hurt economic growth and are misdirected. At a recent GOP presidential debate in New Hampshire, the act came under fire, with many of the candidates promising to repeal Dodd-Frank if elected into office. Here is the Debate Club’s take on whether the Dodd-Frank Wall Street Reform Act should be repealed:
Tim Johnson Chairman of the Senate Banking, Housing and Urban Affairs Committee
David John Fellow at the Heritage Foundation
Dean Baker Author of 'The End of Loser Liberalism: Making Markets Progressive'