Six years ago, on July 21, 2010, President Obama signed into law the Dodd-Frank Wall Street Reform and Consumer Protection Act. The law, which was enacted in the aftermath of the Great Recession, was the most sweeping overhaul of financial regulation since the Great Depression.
In the intervening six years, financial regulators have worked hard to bring this law to life. The new Consumer Financial Protection Bureau has already promulgated a host of new protections for consumers and has returned over $11 billion to consumers. Rules to stop banks from making so-called “proprietary” bets are in place. The CFTC established a new regime to bring transparency, stability, and enforcement to a nearly $600 trillion over-the-counter derivatives market that proved explosively dangerous during the financial crisis.This article was originally published in The Hill.