U.S. Treasury Secretary Jack Lew acknowledged the six-year anniversary of the passage of the Dodd-Frank Act. “Without question . . . Wall Street Reform has made our financial system safer and sounder,” he said.
In his statement, Secretary Lew emphasized that over the past six years:
- “Banks have added more than $700 billion in additional capital.”
- “The vast derivatives market has been pulled out of the shadows, with requirements that standardized derivatives be centrally cleared and traded transparently.”
- “The Consumer Financial Protection Bureau . . . has put in place new safeguards for customers, and provided over $11 billion in relief for more than 27 million hardworking Americans.”
- “[T]he Financial Stability Oversight Council has closed regulatory gaps exposed by the crisis, with regulators now working collaboratively and transparently to better identify and respond to potential threats to the financial system.”
Secretary Lew observed that “over the past year, the strength of our financial system has been tested repeatedly” by Brexit and other “episodes of market volatility.” He asserted that America has passed those tests:
[T]he U.S. financial system has demonstrated resilience, providing fresh evidence that Wall Street Reform is working and that with deeper capital, greater transparency, and detailed resolution plans, it can withstand far greater shocks than before the crisis.
Secretary Lew also argued against complacency. “If anything, recent events around the world underscore the need to remain vigilant,” he stated. “This means continuing to carry out Wall Street Reform and defend against efforts to roll it back.”