Five Years Later, the Fight for Strong and Sensible Regulations Continues

Demos President Heather McGhee issued the following statement:

“Five years ago today, Congress passed the Dodd-Frank Wall Street Reform and Consumer Protection Act. The bill promised to restore sensible safeguards and standards for the financial sector so that the devastation of the financial crisis—felt mostly by low- and middle-income Americans—would not be repeated. Given the David and Goliath odds that reformers faced in challenging the sector with the most influence in Washington, we had much to celebrate—and still do.

"The fight for strong and sensible regulations must go on."

“Dodd-Frank includes many important reforms, from bulwarks against the systemic risks of casino capitalism to protection against predatory consumer lending, and has already benefited the nation in many ways.  However, Demos and our allies within the coalition Americans for Financial Reform knew even during its passage that the Dodd-Frank bill aimed to preserve the financial system, rather than restructuring it fundamentally to make it serve the real economy. It is incumbent upon us today to build the political will and intellectual case for deeper reform, while also combating the financial sector lobbyists who are trying to impede implementation and roll back the law. The fight for strong and sensible regulations must go on.”