The Washington Post over the weekend published an op-ed on the Dodd-Frank financial reform legislation that was written from one of the bill’s co-authors.
Chris Dodd, the former Democratic senator from Connecticut for whom the bill is nicknamed, served as chairman of the Senate Banking Committee from 2007 to 2010. In his commentary piece, Dodd argued that repealing the bill could result in a global economic “meltdown.”
“Whether or not you agree with the law’s provisions, repealing it would return us to a time in which nobody — not consumers, not regulators, not even other banks — knew what the Wall Street gamblers were doing until it was too late,” he wrote. “It would destroy confidence in our markets and faith in our financial system, certainly hindering our recovery. It would again leave Americans at the mercy of those who have already ripped off too many families and businesses.”
The five myths Dodd addressed in his op-ed were:
1. It’s time to repeal Dodd-Frank
2. Dodd-Frank is deepening the economic slowdown
3. Dodd-Frank hurts small businesses and community banks
4. Dodd-Frank failed to truly reform Wall Street
5. Congress didn’t fix Fannie Mae and Freddie Mac
Dodd refutes each of the claims above in the analysis, which can be read in full here on washingtonpost.com.
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