• “Today, Financial Stability Oversight Council (FSOC) has clear responsibility for examining emerging threats to our financial system.”
• “No more bailouts. Instead, the Dodd-Frank reforms provide the government with the authority to wind down any firm.”
• “Today, there is one agency for one marketplace with one mission – protecting consumers.”
• “Before Dodd-Frank, consumer protection was fragmented over 7 fed regulators … [with] higher priorities than protecting consumers.”
• “Today, the OTC derivative market is comprehensively regulated for the first time.”
• “Before Dodd-Frank, the OTC derivatives markets- $700 trillion at its peak–grew up in the shadows, with little oversight.”
• “Today, ‘too big to fail’ is gone. We no longer have to make the untenable choice between taxpayer bailouts and market chaos.”
• “And the regulators have clear authority to restrict excessively risky activity, including proprietary trading, by banking firms.”
• “Today there is authority for clear, strong & consolidated supervision of every financial firm-regardless of legal form.”
Assistant Secretary Michael S. Barr Remarks at the American Bar Association. http://www.treas.gov/press/releases/tg947.htm