Published On: Wed, Sep 15th, 2021

Dodd-Frank Architects Call for Reappointment of Fed’s Powell

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WASHINGTON—The Democratic architects of a key overhaul of U.S. financial regulation a decade ago called on President Joe Biden to reappoint Fed Chair Jerome Powell to a second term, rebuffing arguments he has been weak on regulatory issues. Former Sen. Christopher Dodd and former Rep. Barney Frank wrote in an opinion article in The Hill  newspaper that changes to their signature Dodd-Frank law under Powell “were not major attacks, and nothing in Powell’s performance contradicts his assertion that he supports the basic framework we put in place.” The 2010 law was the core legislative reform to grow out of the 2007–2009 financial crisis, and included trading restrictions on banks, stricter risk management, and efforts to ensure that taxpayers would not have to bail out large financial institutions again. Several of those rules were relaxed during Powell’s tenure, leading some Biden supporters to encourage a change in Fed leadership. Powell’s term …

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