Lehman 10 Years Later: The Dodd-Frank Rollback

Authors

Thomas W. Joo

Abstract

In response to the financial crisis of 2007–08, Congress passed the Dodd-Frank Wall Street Reform and Consumer Protection Act in 2010. The Economic Growth, Regulatory Relief, and Consumer Protection Act of 2018 has repealed or altered many Dodd-Frank’s reforms. This Article analyzes the EGRRCPA’s deregulation of large banks, community banks, mortgage lending standards, and consumer protection in the industry. While Dodd-Frank may have taken only small steps to address the causes of the financial crisis, the EGRRCPA completely ignores those risk factors. Congress and the Administration have justified the counter-reforms on the ground that they have hampered economic growth, but economic growth since 2010 has in fact been very strong. The EGRRCPA is better explained as part of a larger deregulatory agenda that aims to make the financial sector, and industry generally, less and less accountable to customers and to society at large.

First Page

561

Recommended Citation

Thomas W. Joo, Lehman 10 Years Later: The Dodd-Frank Rollback, 50 Loy. U. Chi. L. J. 561 (2020).
Available at: https://lawecommons.luc.edu/luclj/vol50/iss3/8