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Dodd-Frank Act

Floor Speech

Date: July 21, 2015
Location: Washington, DC
Issues: Finance and Banking

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Mr. FOSTER. Mr. Speaker, I rise today to recognize the fifth anniversary of the enactment of the Dodd-Frank Wall Street Reform and Consumer Protection Act.

Mr. Speaker, the financial crisis of 2007 was not an accident and not an unavoidable by-product of free markets. It was a mistake, a mistake driven by ideologically driven deregulation.

Countries which maintained adequate capital requirements did not suffer a financial crisis. Countries which maintained an adequately regulated primary and secondary mortgage market did not suffer through a housing bubble.

In response to the crisis, taxpayers stepped in and saved the global financial system by stabilizing the marketplace and staving off a second Great Depression through economic stimulus.

To ensure that taxpayers would not be on the hook for the irresponsible actions by some on Wall Street, the Dodd-Frank Act required that financial institutions hold adequate capital against the risks they take and take responsibility for the risks that they sell into the market. The Dodd-Frank Act has unquestionably made our markets safer and more stable.

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