Making sure that banks fund themselves with deposits not debt is instrumental to a sound financial system. Large financial institutions should be broken up and may the phrase “too big to fail” never be uttered again.
But have we learned our lesson? Isn’t Wells Fargo, with its fleecing of the American public, proof enough that big banks only concern is higher profits? The wealthy profit from a lack of oversight, not the public. By lifting regulations enacted because of the Great Depression, we let the fox into the chicken coop. Wall Street has a vested interest in the profit motive—and our protection and well-being don’t factor in.
Dodd-Frank placed needed regulations on the financial industry and essential procedures—measures vital for the protection of the American public. Dodd-Frank has since been repealed, but American’s can’t leave it to the banks to regulate themselves. Just look at Wells Fargo.
The Consumer Financial Protection Bureau evolved from the unfair foreclosures that ran rampant during this time.