“Five years ago, a devastating crisis hit our financial system.
The ensuing economic recession, unlike anything we had seen since the Great
Depression, was not caused by a single firm or a single event. It was the
culmination of many factors, including excessive risk taking, the accumulation
of too much debt, and an outdated regulatory structure.
“The swift emergency response that began on a bipartisan
basis helped the financial system to stabilize and our economy start growing
again. Today, taxpayers will be repaid for the extraordinary investments
we made in the financial system, but we are still healing from the deep damage
the crisis did to our economy. Because President Obama took up the mantle of
reform and made Dodd-Frank the law of the land, our financial system is now
safer, stronger, and more resilient than it was before the crisis. In
fact, financial markets are more transparent, we have new tools to monitor risk
and wind down companies whose failure would threaten the entire financial
system and Americans have a dedicated consumer watchdog looking out for
them. In addition, because of these efforts and other policies to
strengthen the recovery, private employers have added 7 and a half million jobs
over the past 42 months.
“As we finish the remaining elements of Wall Street reform
this year, we must remember that financial reform is not about writing a set of
rules and then walking off the field. We must remain vigilant and respond
immediately to new risk in the financial system. Reforming Wall Street is
ultimately about an enduring commitment to making our financial system a model
of stability and safety that contributes to job creation and economic