The financial crisis of 2007-2008 was a shock to the American economy. The federal regulatory response of 2009-2010 was equally shocking to the financial system.
The reforms enshrined in the Wall Street Reform and Consumer Protection Act — popularly known as Dodd-Frank after its main sponsors, then-Sen. Christopher Dodd (D- Conn.) and then-Rep. Barney Frank (D-Mass.) — were intended to protect Main Street and consumers from financial predation by Wall Street. Instead, the law has reduced access to credit for small businesses and has resulted in fewer choices for consumers, while doing little to punish the main culprits in the financial crisis.