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Dodd-Frank: Remember the History Before Pushing Reform

Matt Kelly | April 19, 2015

Let’s start with a thank you to New York Attorney General Eric Schneiderman, for keeping the 2008 financial crisis alive. Just as the problems that led to the Dodd-Frank Act were starting to fade from memory, last week Schneiderman lobbed in a reminder from the deep left field of memory, reaching a $10 million settlement with EY for its role in auditing the financial statements of Lehman Bros.—the bank that went bankrupt in September 2008 and caused so much of the crisis that followed.

We will hear lots of discussion in coming months about regulatory burdens of the Dodd-Frank Act, for two reasons. First, the five-year anniversary of the law arrives on July 21, 2015, which means plenty of commentary on how well the law may or may not have achieved its objectives since 2010. Second, our Republican-dominated Congress is in session, which means...

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