WEEKLY ADDRESS: Wall Street Reform is Working
Source: White House
In this week's address, the President spoke to the progress we have made in making our financial system stronger, safer, and more fair in the years since financial crisis. Five years ago this week our country enacted the Dodd-Frank Wall Street Reform and Consumer Protection Act, rules that have substantially reduced recklessness and abuse in our financial system that predated the crisis. As a result of Wall Street reform, our banks are less reliant on unstable funding and less likely to engage in risky behavior, the independent Consumer Financial Protection Bureau works to protect American consumers, and our financial system is significantly better-regulated. Dodd-Frank is working, and the President emphasized that he will continue to fight any challenges to the law and veto any effort to unravel the new rules governing Wall Street.
Read more: https://www.whitehouse.gov/the-press-office/2015/07/25/weekly-address-wall-street-reform-working
Its been seven years since the worst financial crisis in generations spread from Wall Street to Main Street a crisis that cost millions of Americans their jobs, their homes, their life savings. It was a crisis that cost all of us. It was a reminder that were in this together all of us.
Thats how weve battled back these past six and a half years together. We still have work to do, but together, we prevented a second Great Depression. Our businesses have created nearly 13 million jobs over the past 64 months. The housing market is healthier. The stock market has more than doubled, restoring the retirement savings of millions. Americans of all stripes buckled down, rolled up their sleeves, and worked to bring this country back. And to protect your efforts, we had to do something more we had to make sure this kind of crisis never happens again.
Thats why five years ago this week, we enacted the toughest Wall Street reform in history new rules of the road to protect businesses, consumers, and our entire economy from the kind of irresponsibility that threatened all of us. Five years later, heres what that reform has done.
https://www.whitehouse.gov/the-press-office/2015/07/25/weekly-address-wall-street-reform-working
DhhD
(4,695 posts)snip
"We built Dodd-Frank with the biggest, most powerful institutions fighting us every inch of the way."
Dodd-Frank was designed to improve bank accountability and transparency, end "too big to fail," and protect taxpayers and consumers.
Some elements have already been repealed in Congress. Others have yet to be fully realized like part of the controversial Volcker Rule that prohibits banks from engaging in proprietary trading and investing in hedge funds and private equity firms.
Read more: http://www.businessinsider.com/elizabeth-warren-on-dodd-frank-5-years-later-2015-7#ixzz3guDRqe79
more at site link
bucolic_frolic
(43,287 posts)more so than Bill Clinton or any Republican in Congress
has been the ability to get half a loaf and proclaim total victory.
He doesn't sweat the negative.
I wonder how much of this success is due to Quantitative Easing largesse?
BumRushDaShow
(129,454 posts)And thanks for the weekly posting!
I think a lot of folks forget that back in January 2009, the inauguration month, there were over 800,000 job losses just for that month alone.
The key thing here is that we need to take back the legislative branches (both federal and state) and keep a Dem at the top and try to move to the next phase of financial (and campaign) reforms.
dmosh42
(2,217 posts)Now that's a knee slapper!
L0oniX
(31,493 posts)Expect another 2008 soon.
wordpix
(18,652 posts)leading the way. Seems a huge bubble has grown again.
snot
(10,538 posts)PasadenaTrudy
(3,998 posts)a one bedroom apt. on Craig'sList in San Francisco for rent: $6,800 a month. Something's got to give!
snappyturtle
(14,656 posts)bankers. This time around we'll have "bail-ins" rather than bail-outs as in 2008.
cprise
(8,445 posts)are back on the air.
I'm sorry, but this is government propaganda bearing little truth.
The casino economy is given another chance at becoming the norm.