On July 15, 2025, Dennis Kelleher, Co-Founder, President & CEO, testified before the U.S. House of Representatives Committee on Financial Services at a hearing entitled “Dodd-Frank Turns 15: Lessons Learned and the Road Ahead.”
In his testimony, Dennis discussed lessons learned and not learned from the Dodd-Frank Wall Street Reform Law, the decades of deregulation leading up to the 2008 financial crash, the crippling costs of the 2008 crash, and how the Trump Administration’s widespread deregulatory actions will cause the next financial crash. Read his opening statement here and his full testimony here. Learn more about Dennis Kelleher here.
Below are clips from the hearing.
Weakening financial reform resulted in bank failures and bailouts that all Americans have had to pay for. Industry attacks have repeatedly prevented financial reform from protecting the American people.
Military service members and their families are targeted disproportionately by financial scams. With the Trump Administration’s recent cuts to the Consumer Financial Protection Bureau, the victims are left even more vulnerable and unprotected.
Massive deregulation plus crypto equals disaster and bailouts for Main Street Americans.
The dangers of deregulation, moral hazard, bailouts, and crypto.
Veterans and military service members are hurt by cuts to the Consumer Financial Protection Bureau.
The value of diversity at regulatory agencies & addressing the racial wealth gap.
The importance of well-regulated and well-policed capital markets, as well as the importance of crypto regulation.
The costs of preventing financial crashes are lower and better than the damage and costs of dealing with crashes.
Consumer protection has been weakened to benefit the financial industry
The dangers of shadow banks, stablecoins, crypto, and bailouts.
The damage to Main Street Americans from eliminating consumer protections.
The full hearing can be watched here:
