Your new book is called living in plain sight what really caused the financial crisis and why it could happen again. You were a member of the Financial Crisis Inquiry Commission investigating the causes of the 2007 in 2008 financial crisis. You said that only democrats on the committee but the republican appointees what did you see they didnt . Looking at the housing system in the United States with dodd frank and fannie mae and freddie mac for quite a while before i got on the commission so i had a lot of background of what was happening in the housing sector. I was looking for the commission to look into what happened with fannie mae and freddie mac and the role they played in the housing crisis and ultimately the financial crisis and i found the commission was not interested in they would not look at it. s. Host that i was outside i thought, the partisan differences between the republicans and democrats and and am afraid that the republicans felt that they just would not agree with
Hidden in plain sight and why it could happen again. You remember the Financial Crisis Inquiry Commission investigating the causes. You decided not only with democrats but the republican appointees. What did you see they didnt . Looking at the housing system and dodd frank im sorry fannie mae and freddie mac for quite a while before i got on the commission. So i have background on what was happening in the housing sector. So i was looking for the commission to look into what happened with fannie mae and freddie mac and the role they played in the housing crisis and ultimately the financial crisis and the commission was not interested in that and they wouldnt look at it to the degree that i tried to interest them. I was just told i was given all kinds of signals that something they would do so i decided i would dissent so the differences with the other republicans came from the fact that my view our responsibility on the commission was to make sure the American People understood what ha
Peter your new book is called hidden in plain sight. You remember the Financial Crisis Inquiry Commission investigating the cause of the 2,072,008 financial crisis not only democrats but also from the republican appointees what did you see that they didnt . The housing system in the United States fannie mae and freddie mac for quite a while before a lot of background of what has been happening in the housing sector. I was looking for the commission to look into what happened with fannie mae and freddie mac what role they couldve played in the housing crisis and i found the commission was not interested in that. They would not look at it to the degree that i tried to interest them and given all kinds of signals that is not something they would do but my differences with the republicans came from the fact that my view our responsibility on the commission was to make sure the American People understood what happened in the crisis and i was outside the partisan differences between the repu
Or can we fix it . And if so how in particular . Youre about to hear how from our expert panel. Let me introduce them in the order in which theyll speak, as we proceed through the panel well be working our way through the various titles of dodd frank frank. First will be my colleague peter wallacen. He co directs aeis program on financial studies, was co chair of the pew Financial Task force and served on the Financial Crisis Inquiry Commission where he wrote a very enlightening and highly controversial dissent. Previously peter was White House Council to president reagan. General council of the treasury department. Financial crisis was spawned by the financial crisis spawned dodd frank, do you understand what spawned the financial crisis . Buy peters book hidden in plain sight in case you havent yet. Our second speaker senior director of Global Government Affairs strategy and Public Policy of bloomberg, where he covers policy issues in europe, asia and the u. S. Equity, fixed income,
Ensuring that our Financial System facilitates job creation, Economic Growth, and fairness. Nearly 10 years ago the American Economy cratered. The Great Recession of the late 2000s revealed that our Financial System was fragile and Many Americans got the short end of the stick. In 2010, the democrats passed h. R. 4173, the doddfrank wall consumer rm and protection act. They promised the bill would lift the American Economy. Wall omised an end to street bailouts. They promised to protect consumers. Seven years later we know that these promises never came true. Due to doddfranks wall excessive outs. Regulatory burden, big banks are getting bigger while small banks and Credit Unions are disappearing. They have only been six new Bank Charters since doddfrank, a drastic decline from the 170 on average per year before the bill. In fact, 43 of the banks with assets under 1200 million have disappeared. 100 million have disappeared. Large banks survived because hey can afford armies of lawyers