One year ago this week, President Obama signed the Dodd-Frank Wall Street Reform and Consumer Protection Act into law.
By passing and signing the Dodd-Frank legislation, Congress and the President signaled the beginning of a new era of investor protection and financial market oversight. Reforms now taking shape at the national level are giving new authority to state securities regulators to address the challenges facing 21st century investors.
In the months since Dodd-Frank became law, a number of provisions have worked their way through the implementation phase. Other reforms, however, have been targeted for delay – or worse – by those who choose to ignore the devastation the Wall Street collapse caused to Main Street investors throughout the nation. The landscape is littered with victims of the financial crisis.
The Wall Street reforms and investor protections in Dodd-Frank were born out of necessity. The financial crisis made it clear that the existing securities regulation regulatory landscape needed an overhaul.
This comprehensive law was developed to promote stronger investor protection and more effective oversight to help prevent another economic crisis from threatening the financial security of Mom and Pop investors.
As Dodd-Frank’s one-year anniversary approached, the Senate Banking Committee met on July 12 to hear how this landmark legislation has strengthened investor protection. I was among the witnesses called before the committee.