The recent financial crisis cost 8.7 million jobs, erased more than $19 trillion in household wealth, and severely undercut confidence in the integrity of U.S. financial markets. Reform of the financial system was not a choice, it was an obligation. And on July 21, 2010, President Obama signed into law the Dodd-Frank Wall Street Reform and Consumer Protection Act to address key gaps and weaknesses in the system to help make future financial shocks less likely and less damaging.
Wall Street Reform has already had a meaningful effect on ordinary Americans. Consumers are benefiting from clearer information and stronger protections on lending products and other financial services. And investors are getting a voice with “Say on Pay.”
We have just marked the second anniversary of Wall Street Reform and implementation is well under way, with critical elements of Wall Street Reform set to be in place by the end of 2012. To outline the progress made, the U.S. Department of the Treasury has developed an overview of where reform stands and its effects on the financial system to date. For the complete overview, please see the attached presentation: Reforming Wall Street, Protecting Main Street (pdf).
We hope this Wall Street Reform chart deck leaves you with a clearer understanding of what we have accomplished. All of us benefit from these common-sense reforms that are critical to restoring the safety, stability, and integrity of the financial system and building a sound foundation for economic growth.