The Dodd Frank financial reform act did not establish the conditions necessary to prevent a repeat of the 08 credit crisis. We continue to be at risk for another economic crash, which will be larger than 08 next time, as each one in the past 2 decades has grown in size.
Watch a 25 min Bill Moyers interview with William Black, below, a regulator who prosecuted accounting control fraud in the CEO suites and sent to prison over 1000 executives during the Savings and Loan crisis on the late 80s, early 90s. You can pull the ball to 1.5 mintues to miss his introduction.
Summary; We have Bush era “anti – regulators” in the most of the top financial regulatory positions. They won't enforce the laws against fraud or use their regulatory powers to prevent economic disasters.
By signing this petition, you join me in asking the President to
make Wall Street safer – and more helpful to the rest of the economy – by appointing people to the top regulatory positions who are not only willing to enforce the laws and regulations against fraud, but who would actively seek to change the conventional wisdom around finance in this country.
Some names to consider Mr. President;
First, former Senator Ted Kaufman of Delaware who has been a consistent advocate for financial-sector reform and was one of the clearest voices during the 2010 legislative process that led to Dodd-Frank. His advice was ignored then; in fact he was opposed directly by Treasury and the White House (see Mr. Connaughton’s book for details). It is not too late for the president to change his mind.
Second, Neil Barofsky is the former special inspector general in charge of oversight for the Troubled Asset Relief Program. A career prosecutor, Mr. Barofsky tangled with the Treasury officials in charge of handing out support for big banks while also failing to hold the same banks accountable, for example in how they treated homeowners.
Third, Dennis Kelleher is a former senior Senate leadership aide with a great deal of political experience, including during the financial crisis and in the negotiations that led to Dodd-Frank, and now runs the pro-reform group Better Markets.