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March 7, 2016

Washington Post: Why Obama says bank reform is a success but Bernie Sanders says it’s a failure

“President Obama met with top financial regulators Monday and later praised their efforts to protect consumers, make the financial system safer and stronger, and prevent the recklessness that led to the economic collapse at the outset of his presidency.

“The session in the Roosevelt Room at the White House was designed to rebut critics who say the financial reform legislation known as Dodd-Frank has been bogged down in lengthy rule-making processes where big banks are able to delay or water down key provisions including those on swaps, executive compensation, limits on the size of commodity positions and conflicts of interest at firms that effectively bet against their clients.”

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“But many critics of financial reform say that while some things have happened – notably increased capital requirements at major banks – many other changes are languishing.  “On the one hand I think objectively a lot has been done,” said Dennis M. Kelleher, chief executive of Better Markets, a liberal leaning non-profit group. But, he said, “what we have is a bunch of rules tied up at the agencies by a war of attrition by Wall Street and its lobbyists.”

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Read the full Washington Post article by Steven Mufson here.

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