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Dodd And Frank Defend Their Law At Conference 

December 12, 2013
Dan Jamieson, Financial Advisor

Christopher Dodd and Barney Frank defended their historic Dodd-Frank Act today at the MarketCounsel conference in Las Vegas.

The former politicians dismissed concerns raised by industry groups that requirements like the Volcker rule or a fiduciary standard for retail advisors might cause firms to dump smaller investors.

“People have been declaring Armageddon and coming up with doomsday scenarios in all of this,” Dodd said. “My experience has been that institutions manage just fine.”

Dodd formerly served as a senator from Connecticut and chaired the banking committee.

“I sometimes feel we have more confidence in the free market than the [industry] people out there,” said Frank, a former Massachusetts congressman who chaired the House financial services committee.

Read more: Financial Advisor

 
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