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July 11, 2012

Law360:Dodd-Frank Put Brakes On Recovery, House GOP Says

“While Tuesday’s hearing featured representatives from several industry groups, including the Securities Industry and Financial Markets Association, the American Securitization Forum and the U.S. Chamber of Commerce, the thrust of questioning was directed at Dennis Kelleher, the president and CEO of financial reform advocacy group Better Markets Inc.”

“In his opening statement, Kelleher rejected the notion that the U.S. was seeing at best a tepid recovery because of Dodd-Frank. Rather, it was the actions of Wall Street banks that were given free reign after deregulation in the late 1990s and 2000s that caused the financial collapse and slow recovery.

“Nothing in that law could ever cause the damage to jobs, our financial system, our economy and our country that Wall Street did,” he said in a forceful presentation that ran down a host of Wall Street scandals, from poor mortgage record-keeping to Barclays PLC’s recent $450 million settlement of charges that it rigged Libor.

The banking industry has railed against regulation for over 100 years, but it has always adapted, Kelleher said, adding that banks would be able to do so even with the huge number of rules that are required under Dodd-Frank.”



Read Evan Weinberger’s full article from Law360 here

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