Lew on Dodd-Frank Act

In a statement issued on the sixth anniversary of the enactment of the Dodd-Frank Act, Secretary Lew said, "Six years later, we can say without question that Wall Street reform has made our financial system safer and sounder. Banks have added more than $700 billion in additional capital to help strengthen their balance sheets. The vast derivatives market has been pulled out of the shadows, with requirements that standardized derivatives be centrally cleared and traded transparently. The Consumer Financial Protection Bureau, which marks its five-year anniversary this year, has put in place new safeguards for consumers, and provided over $11 billion in relief for more than 27 million hardworking Americans. And the Financial Stability Oversight Council has closed regulatory gaps exposed by the crisis, with regulators now working collaboratively and transparently to better identify and respond to potential threats to the financial system."