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Dems: stress tests ‘show Dodd-Frank is working’

Joe Mont | June 28, 2017

Senate Democrats are using the results of recent stress tests to defend the Dodd-Frank Act against critics and repeal-and-replace efforts.

The tactic comes from a joint statement by U.S. Sen. Sherrod Brown (D-Ohio), ranking member of the Senate Banking Committee, and committee colleagues Jack Reed (D-R.I.), Bob Menendez (D-N.J.), and Elizabeth Warren (D-Mass.). In their view, the strong performance of U.S. banks in the stress test is further proof that the Dodd-Frank Act “is working and now is not the time to roll back the protections put in place following the 2008 financial crisis.”

“If no one fouls out in a game, you don’t fire the referees,” Brown said. “Dodd-Frank has led to a safer banking system, and we should not scrap the rules because the banking system is less fragile than it was a few years ago.”

“It’s indisputable that our banking system is stronger, safer, and more resilient today because of the reforms we instituted after the financial crisis,”...

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