Senate votes to roll back Dodd-Frank: U-M expert can comment
Michael Barr, dean of the Ford School of Public Policy at the University of Michigan, is an expert on financial regulation. He previously served as assistant secretary for financial institutions at the U.S. Treasury Department, where he helped to develop and pass the Dodd-Frank Act.
“The Senate bill would weaken oversight of most of the largest banks in the country and undermine several key consumer protections,” he said. “If the Senate wants to help community banks, it should pass a community bank bill, not one that also creates needless and unwise risks in the financial system.”
He also wrote a recent op-ed in American Banker where he said passing the bill would be a “significant mistake” due to its weakening oversight of all firms, undermining a key capital ratio, and handing large banks a litigation tool against stricter standards.