Former lawmaker visits Avon to discuss Wall Street reform
AVON — Barney Frank, the former chairman of the House of Financial Services Committee and leading co-sponsor of the 2010 Dodd-Frank Act, will deliver a presentation on Thursday at The Westin in Avon.
Frank, a Democratic member of the U.S. House of Representatives for Massachusetts, served in the House from 1981 until 2013. His work included the introduction and guidance of the Dodd-Frank Act, also known as the Consumer Protection Act or the Dodd-Frank Wall Street Reform bill.
The bill eventually passed and became law. The bill — and about $700 billion in TARP bailout money — was designed to promote financial stability by improving accountability and transparency in the financial system. Its goal was to end the “too big to fail” ideal, protect American taxpayers by ending bailouts and to guard consumers from abusive financial service practices.
Frank did not seek re-election in 2012 and retired from congress on Jan. 3. He will discuss his time in office as well as share his story of passing this bill. The presentation, After the Shock: The Past, Present and Future of Dodd-Frank, is a part of the Vail Symposium’s Hot Topics series.
“It is a privilege to host Barney Frank,” said Tracey Flower, the Symposium’s executive director. “His political experience is hard to rival. Bringing Mr. Frank here to share his intimate knowledge of the American financial system, past and present, is a fantastic opportunity … to learn about this often convoluted topic straight from an expert.”
Unlike other congressional leaders who speak in vague ambiguity, Frank stood up in front of the media in conference rooms and television studios to educate and inform taxpayers about his bill and introduce groundbreaking legislative reform.
Frank will also talk about the future of banking and the role government is currently playing in regards to regulation of the financial services industry.