Ford School Dean Michael Barr was quoted in Politico’s Morning Money newsletter, by Ben White and Aubree Eliza Weaver on November 1, 2018, about the Federal Reserve’s proposal to ease regulations of America's largest financial firms.
Dean Barr, who was one of the architects of the Dodd-Frank Act while serving in President Obama’s Treasury Department, shared with Morning Money: “I think this is a tragic mistake that will significantly increase risk in the financial system, for a modest gain in the reported earnings.”
The Dodd-Frank Act was implemented in response to the financial crisis of 2008, in an effort to increase regulations on the nation’s financial services industry in order to protect consumers and improve financial stability. In Dean Barr’s comments he voiced concern that “We have forgotten all the basic lessons of the causes and consequences of the financial crisis.”
Dean Barr also expanded on his viewpoint on Twitter.