Treasury Reflects On Six Years of Reform Progress

first_imgSign up for DS News Daily The Week Ahead: Nearing the Forbearance Exit 2 days ago The Best Markets For Residential Property Investors 2 days ago Treasury Reflects On Six Years of Reform Progress Dodd Frank Wall Street Reform and Consumer Protection Act U.S. Department of the Treasury 2016-07-27 Kendall Baer Related Articles Demand Propels Home Prices Upward 2 days ago Share Save Data Provider Black Knight to Acquire Top of Mind 2 days ago in Daily Dose, Featured, Government, News The Best Markets For Residential Property Investors 2 days ago Previous: Cash Sales Share Slows Next: Ocwen Remains Positive Despite Another Quarterly Loss Home / Daily Dose / Treasury Reflects On Six Years of Reform Progress About Author: Kendall Baercenter_img When President Obama signed the Dodd-Frank Wall Street Reform and Consumer Protection Act into law in 2010, the United States Department of the Treasury reports that it was “the most comprehensive, far-reaching set of reforms to our financial system since the Great Depression”. Today, they share that they economy is back on track, growth has returned, and the financial system is safer because of these historic reforms.In addition to these statements, Treasury also reports the unemployment rate has been cut by half and jobs continue to grow with an average of more than 150,000 new private sector jobs per month in 2016 so far. Additionally, household net worth has grown by about $30 trillion to levels well above those from pre-crisis, and business lending has increased by over 60 percent.Treasury also states that Wall Street Reform has also brought greater transparency and stability to the financial system therefore developing a foundation for maintainable, all-encompassing economic progress.During these past six years, Treasury says that banks have added over $700 billion in additional capital to lend to consumers and businesses and that will make these institutions more resilient in the event of unexpected losses. Standardized derivatives are also now required to be centrally cleared and traded on exchanges or transparent trading platforms in order to increase transparency and reduce risks to the financial system.In addition to these developments, Treasury also notes The Financial Stability Oversight Council who has brought in their opinion the entire financial regulatory community together to identify and respond to potential emerging threats to financial stability. Finally, they note The Consumer Financial Protection Bureau who has secured more than $11 billion for more than 27 million hardworking consumers.The report says that in the words of Secretary Lew “this progress must not lead to complacency”. Treasury doesn’t believe their work ended with the passage of Wall Street Reform, but instead was just the beginning. They share that creating a safer, more stable financial system is an ongoing project and it requires constant vigilance.They also say in the coming months, they will remain focused on seeing the implementation of Dodd-Frank through, opposing efforts to weaken the reforms we’ve put in place, and creating a system that protects taxpayers, consumers, and Main Street communities all across the country. July 27, 2016 1,258 Views Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Tagged with: Dodd Frank Wall Street Reform and Consumer Protection Act U.S. Department of the Treasury  Print This Post Servicers Navigate the Post-Pandemic World 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Kendall Baer is a Baylor University graduate with a degree in news editorial journalism and a minor in marketing. She is fluent in both English and Italian, and studied abroad in Florence, Italy. Apart from her work as a journalist, she has also managed professional associations such as Association of Corporate Counsel, Commercial Real Estate Women, American Immigration Lawyers Association, and Project Management Institute for Association Management Consultants in Houston, TX. Born and raised in Texas, Kendall now works as the online editor for DS News. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Subscribelast_img read more

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