Wall Street's unfinished reform

You won't see anyone breaking out the balloons for Dodd-Frank's birthday this week

The New York Stock Exchange
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Here's everything you need to know, from all perspectives, in four paragraphs:

You won't see anyone breaking out the balloons for Dodd-Frank's birthday this week, said Peter Schroeder at The Hill. Five years after the most sweeping financial reforms since the Great Depression became law, "questions still swirl" about whether Wall Street has been hamstrung with red tape or transformed for the better. President Obama vowed in 2010 that the law would protect consumers from abusive lending practices, clean up the murky derivatives market, and end the era of "too big to fail" banks. But no one can agree whether any of that has been accomplished. Dodd-Frank's backers point out that banks now undergo regular "stress tests," and the new Consumer Financial Protection Bureau (CFPB) has repeatedly cracked down on illegal and manipulative lending. But many of the law's provisions, like the government's power to wind down failing banks, "have yet to be tested." Others don't even exist; fully 20 percent of Dodd-Frank's required rules haven't even been written yet.

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