To wrap up Week 1 of our #30Issues in 30 Weeks series, Barney Frank, a former U.S. Congressman (D-MA) and the author of Frank: A Life in Politics from the Great Society to Same-Sex Marriage (Farrar, Straus and Giroux, 2015), looks back at The Dodd–Frank Wall Street Reform and Consumer Protection Act, a law he helped introduce in 2010 as a response to the Great Recession.
Frank, a supporter of Hillary Clinton, criticized Bernie Sanders for "vague" proposals. He said Sanders has said the solution is to reduce the big banks to a certain size but has failed to point to an actual number cap.
Frank reacted to the news from earlier this week that the Federal Reserve has deemed the living wills of 5 out of our 8 largest banks unsatisfactory.
"That's a sign it's working," he said, referring to his law. Frank said this shows that the banks are under tough scrutiny and have been put on notice for failing to provide satisfactory living wills, and if they don't improve regulators can step in.