Rolling back Dodd-Frank would weaken oversight, cripple consumer protection, says bill’s architect
Congress is debating whether to get rid of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The act was passed after the Great Recession, in order to tackle problems like banks that were too big to fail, financial groups dealing in sketchy products, and predatory lending.
Now, Republicans want to do away with Dodd-Frank.
University of Michigan professor Michael Barr was one of the lead figures in drafting and negotiating the act. Barr testified before Congress last month about a proposed law, the Financial CHOICE Act, that would dismantle Dodd-Frank. CHOICE stands for Creating Hope and Opportunity for Investors, Consumers and Entrepreneurs. Just last week, the bill moved out of the House Committee on Financial Services.
Stateside also spoke to Republican Representative Bill Huizenga? about the Dodd-Frank and the Financial CHOICE Acts. Check out that conversation here.