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  3. Dean Michael S. Barr writes Congress in American Banker op-ed to discourage re-write of Dodd-Frank Act

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Dean Michael S. Barr writes Congress in American Banker op-ed to discourage re-write of Dodd-Frank Act

Tuesday, March 13, 2018

In a recent op-ed published in American Banker, Ford School Dean Michael S. Barr says the U.S. Senate’s new relief bill is a giveaway for large banks and weakens consumer protections.

The bill is the first re-write of the 2010 Dodd-Frank Act, of which Barr was a key architect. The bill was authored by Senate Banking Committee Chairman Mike Crapo, whom Barr credited for efforts of bipartisan support on the bill, calling them “admirable.”

However, Barr says passing the bill would be a “significant mistake” due to its weakening oversight of all firms, undermining a key capital ratio, and handing large banks a litigation tool against stricter standards.

“It’s bad enough that the administration is rolling back enforcement at the Consumer Financial Protection Bureau. Congress does not need to join in the parade,” Barr wrote.

Barr argues that the legislation would eliminate annual Fed stress testing, which only applies to the largest firms in the country with assets of $50 billion and above. And he says the bill would weaken consumer protections, making it more difficult to detect discrimination in mortgage lending and others protections for America’s most vulnerable families.

The op-ed can be read in full online at American Banker.

 

--Olivia Lewis, MPP ‘18

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Domestic policy, Economics and finance, Politics, Poverty and social policy, Michael S. Barr, op-ed, Joan and Sanford Weill Dean, Consumer Financial Protection Bureau, Michael S. Barr, Banker

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Center on Finance, Law, and Policy (CFLP)

The Center on Finance, Law, and Policy at the University of Michigan is an interdisciplinary research center which draws together faculty and students from more than a dozen of Michigan’s nineteen schools and colleges to work on a broad range of research projects focused on creating a financial system that is safer, fairer, and better harnessed to the real economy.

Founded in 2013 by faculty from Michigan Law School, Michigan Ross School of Business, Michigan Ford School of Public Policy, and Michigan College of Engineering, the Center on Finance, Law, and Policy brings together leading scholars from a broad range of disciplines to conduct theoretical, empirical, and applied research aimed at transforming financial policy, financial regulations, financial products and services, and financial institution management.

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