This post first appeared at the Campaign for America’s Future.
Today marks the fifth anniversary of Dodd-Frank, the complicated legislation designed to reform Wall Street after the financial crisis. Five years later, the debate still rages.
President Barack Obama, center, signs the Dodd Frank-Wall Street Reform and Consumer Protection Act in a ceremony in the Ronald Reagan Building in Washington on July 21, 2010. (AP Photo/Pablo Martinez Monsivais)
Republicans denounce the reforms as a failure: “the big banks are bigger, the small banks are fewer and the economy remains moribund,” says Rep. Jeb Hensarling (R-Texas), chairman of the House Financial Services Committee, a leader in the unrelenting effort of Republicans to weaken or repeal the act. The administration hails the reform as a grand success. The Treasury Department report card concludes “our financial system is stronger, safer, more resilient, and more supportive of sustainable economic growth.”
Americans, for the most part, are divorced from this debate. A recent review of opinion research