“The critics of the financial reform Dodd-Frank Act are fond of saying that it doesn’t work–some going so far as to say that the financial system is just as much at risk as it was in 2008, if not even more so.

“We used to joke with them, “Of course Dodd-Frank is working: after all, we haven’t had a financial crash since it was enacted in 2010.” It was an easy joke to make: after the 2008 financial crisis and the Great Recession, there wasn’t much appetite or ability for outsized risk-taking or speculation. As a result, the U.S. economy and financial system simply hasn’t faced the kinds of risks that it did in 2008.

“But now, there is stress and distress in the global economy and financial systems. In many ways, we are witnessing a live real-time test of the new financial rules.”

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Read the full Huffington Post piece by Dennis Kelleher here.