How Dodd-Frank Harms Main Street

The financial crisis of 2007-2008 was a drastic shock to the American economy. The regulatory response of 2009-2010 was just as powerful a shock to the financial system. Enshrined in the Wall Street Reform and Consumer Protection Act, popularly known as Dodd-Frank after its main Senate and House sponsors—then-Sen. Christopher Dodd (D-Conn.) and then-Rep. Barney Frank (D-Mass.)—the reforms were intended to protect Main Street and consumers from financial predation by Wall Street. Instead, it has meant reduced access to credit for small businesses and fewer choices for consumers, while doing little to punish the main culprits in the financial crisis.

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