"In defence of Dodd-Frank"

Letter to the Editor: "In defence of Dodd-Frank":

Treasury summarizes capital market reforms:

"...they have already brought about a fundamental change in capital requirements, the most important source of vulnerability in any financial system. They establish comprehensive oversight and transparency of the $600 trillion derivatives markets. They provide a form of bankruptcy to unwind large banks that mismanage themselves into peril. And they consolidate consumer protection into one agency with stronger authority to extend those protections beyond banks, so that we can better prevent fraud and predatory practices at a range of consumer-finance companies. These reforms won’t solve all our problems, but if they had been in place earlier this crisis would have been much less damaging to the United States and to the world."