Richard Grossman, professor of economics, discusses the Dodd-Frank Wall Street Reform and Consumer Protection Act in an op-ed published in the Aug. 1 Hartford Courant. Grossman says the act, which President Obama signed into law July 21, is the “most sweeping financial reform in 75 years.”
The 848-page law tackles a host of issues brought to light by the recent financial meltdown.
“Next to the reforms adopted in the wake of the Great Depression — which kept our country crisis-free for nearly four decades — Dodd-Frank is modest in scale and scope,” Grossman writes. “Our best hope of avoiding a recurrence of the financial turbulence of the last few years is an improved regulatory structure, which the Dodd-Frank legislation will deliver if the new regulators adopt sensible rules, combined with effective and sustainable macroeconomic policies.”
The op-ed also is posted on Connecticut Senator Chris Dodd’s web site.