NO. GOD. PLEASE. NO. Don’t remove the Dodd-Frank Act

The collapse of Lehman Brothers in 2008 led to the passage of the Dodd-Frank Act, which imposed new regulations on financial firms with assets of more than $50 billion… This ensures that they have enough cash to survive a crisis, quality equity to manage problems and a living-will plan for how they can fail without bringing down the economy. This regulation affects the 38 largest banks… This week, the Senate begins debate on the Crapo bill… This bill removes protections for 25 of the top 38 banks, which in total account for $3.5 trillion, or 16 percent of total banking assets. Authors of the bill argue that the regulators could still enforce tighter rules on some of these banks. But history tells us they won’t until it is too late.

The Office: Frame Toby by Jason Reitman, 20.11.2008, Mike Konczal, 06.03.2018