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July 23, 2020

In the News: Dodd-Frank Virtual Conference, 7-21-2020

Below is a selection of articles that appeared in newspapers across the country on “Ten Years After Dodd-Frank,” a virtual event commemorating the 10-year anniversary of the signing of the Dodd-Frank Act—the most sweeping financial reform law since the Great Depression of the 1930s. The program was co-hosted by Better Markets and George Washington University Law School’s Business and Finance Law Program.

What to Know in Washington: Trump, GOP Struggle on Stimulus Plan 

Bloomberg Government, July 22, 2020

Warren Signals Crackdown on Banks: Sen. Elizabeth Warren (D-Mass.) and other Democrats signaled yesterday that if they regain control of the Senate, the lax oversight the financial industry has enjoyed during Trump’s administration is coming to an end. Warren was among the current and former politicians who participated in a virtual conference to mark the 10th anniversary of the Dodd-Frank Act. She said Trump and Republican politicians have failed in their attempts to gut the law. Read more from Skylar Woodhouse.  

Celebrating 10 Years of the Dodd-Frank Act

GW Today, July 22, 2020

In an event co-hosted by GW Law and public interest group Better Markets, former President Obama, other politicians and experts touted the financial reform legislation’s staying power.

Mr. Obama spoke Tuesday about attempts by “well-funded opposition” to block Dodd-Frank’s broad financial regulations reforms, the law’s impact on recovery from the Great Recession and its continued work to prevent “recklessness on Wall Street from devastating folks on Main Street” during a conference in celebration of the legislation’s 10th anniversary.

Warren Uses Dodd-Frank Anniversary to Signal Crackdown on Banks  

Bloomberg, July 21, 2020

The (Dodd-Frank) conference, held by anti-Wall Street advocacy group Better Markets and the George Washington University Law School, served as a rallying cry for the law, which has been whittled down but far from eviscerated by Trump-appointed regulators. The event served as a reminder that big banks will again be under the political microscope if Democrats retake the White House in November.

Obama touts Dodd-Frank’s staying power 

American Banker, July 21, 2020

Former President Obama and the legislation’s authors, former Sen. Chris Dodd, D-Conn., and former Rep. Barney Frank, D-Mass., said at a virtual event that key provisions of the law are unchanged despite efforts by the Trump administration and members of Congress to roll back the 2010 reforms.

“In the years since I left office, the same forces that opposed us back then have been doing their best to undermine the law,” Obama said during the event hosted by Better Markets. “And while they’ve had some successes, the core of Wall Street reform remains intact. Our reforms are still promoting financial stability. They are still blocking taxpayer bailouts. They are still protecting consumers and investors.”

10 years in, Dodd-Frank takes on new meaning

Pensions & Investments, July 21, 2020

Tuesday’s 10th anniversary of the signing of the Dodd-Frank Wall Street Reform and Consumer Protection Act is taking on new meaning because of the COVID-19 crisis, said Dennis Kelleher, president and CEO of non-profit watchdog organization Better Markets.

“It is especially important now to discuss the importance of Dodd-Frank and financial reform as the country copes with a pandemic that has exposed the structural inequalities that are entrenched in the U.S. economic and financial systems,” Mr. Kelleher said.

Dodd: Covid-19, Like Financial Crisis, Chance To Fix Things That Should Have Been Fixed Years Ago 

Forbes, July 21, 2020

Looking at the pandemic, (Sen. Chris) Dodd said Dodd-Frank has lessened the pain: “We would have collapsed economically (without it). I don’t know anyone who disagrees. We would be in such a deep hole I am not sure we could get out of it.”

He was joined in that assessment by former President Barack Obama who was in power when Dodd-Frank was enacted: “So far Dodd-Frank has helped pandemic from spiraling from a Financial Crisis II.” The former senator and former president spoke at a webinar on the 10th anniversary of the signing of Dodd-Frank sponsored by Better Markets, an advocacy group established to promote the implementation of the law.

Wall Street Votes column 

Bloomberg, 7/21/2020

At the same time, a Dodd-Frank Act 10th anniversary event, hosted by advocacy group Better Markets, may offer investors a closer look into how Democrats might try to reverse President Donald Trump’s bank deregulation efforts if Biden were to win the presidential election.

Analysts say the virtual event, set to begin at 1 p.m., may be a good place to look for policy signals as several speakers could be influential in a Biden administration. That includes Senator Elizabeth Warren, who is seen as a likely pick for Treasury secretary, along with former FDIC head Sheila Bair, House Finance Committee Chair Maxine Waters and former Federal Reserve Governor Sarah Bloom Raskin. Bank dividends, economic equality and shadow banking will be likely event topics, Compass Point analyst Isaac Boltansky said via email.

Dodd Says Namesake Bill Saved Economy From Coronavirus 

Law360, July 21, 2020

Chris Dodd, a Connecticut Democrat and former senator, said the landmark financial reform law enacted 10 years ago to the day has allowed banks to build up a safety net that has prevented the country’s economy from falling into a “deep hole.”

“I think we would have collapsed economically,” Dodd said during a webcast hosted by the advocacy group Better Markets. He noted that banks’ buildup of capital, ample liquidity and “their ability, their profitability and their strength” have helped prop up the economy in recent months.

Swap Regs Still A Work In Progress As Dodd-Frank Turns 10 

Law 360, July 21, 2020

Ten years since the Dodd-Frank Act sought to reform the opaque swaps market, experts say regulators have improved transparency and enacted safeguards against speculation that were nonexistent a decade ago, but it’s no time to declare victory.

Deal Book: Dodd Frank Turns 10 

New York Times, July 21, 2020

A star-studded webcast will mark the law’s anniversary today. Hosted by Better Markets and George Washington University’s law school at 1 p.m. Eastern, the event will feature former President Barack ObamaChris Dodd, former Representative Barney Frank, the former F.D.I.C. chair Sheila Bair, the former Citigroup C.E.O. John Reed, Senator Elizabeth Warren and Representative Maxine Waters.

Finance 202: Dodd-Frank Turns 10

Washington Post, 7/21/20

It’s been a decade since President Obama signed the sweeping reform into law: Now, former President Obama will remark on the anniversary during a virtual event with Better Markets, a think tank advocating stricter financial regulation, later today.

Morning Money: Driving The Day   

Politico Pro, July 20, 2020

DRIVING THE WEEK —Tuesday also marks the ten year anniversary of the Dodd-Frank banking reform law and will feature a Better Markets webcast with remarks from former president Barack Obama and many others.

Finance 202: Daybook   

Washington Post, July 20, 2020  

Better Markets, a think tank advocating stricter financial regulation, holds a virtual event from 1 p.m.-5 p.m. looking back at the Dodd-Frank Act on its tenth anniversary. Former President Barack Obama will give opening remarks. 



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