Dodd and Frank, Together Again, Defend Namesake Law
Appearing together in public for the first time since their retirement from Congress, former Sen. Christopher Dodd, D-Conn., and former Rep. Barney Frank, D-Mass., took a retrospective look at the landmark legislation bearing their names.
Speaking at the MarketCounsel annual conference in Las Vegas before an audience of 400, mainly investment advisers, the two ex-lawmakers reflected Wednesday on the politics of the legislation and at times defended controversial aspects of the law passed in July 2010, such as its 2,300-plus pages.
Dodd’s congressional counterpart traced the controversy around the legislation to an intense and what he regarded as unprecedented level of partisanship. Noting that Republican appointees such as Bernanke, Bush administration Treasury Secretary Hank Paulson and FDIC Chair Sheila Bair all supported financial reform, Frank said that in 2009, “Barack Obama got behind it and the Republican party decided to go into opposition.” Previous financial reform acts such as Sarbanes-Oxley were bipartisan, he added.
The two men defended the massive size of their legislation. Frank compared it to the financial reforms of the New Deal era, such as laws creating the Federal Deposit Insurance Corp. or establishing the Investment Company Act. “We put in one package what they did in 10,” Frank said.
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