Economic Prospects: Field Notes on Wall Street Reform: The Battle Continues

In July 2010, President Obama signed the most ambitious measure aimed at regulating financial markets since the Glass-Steagall Act. It remains an open question whether Dodd-Frank is capable of controlling the speculative practices that produced the collapse of 2008-2009. The law provides merely a framework for regulation, and is riddled with holes to be filled in the rulemaking process. In his column in New Labor Forum, Robert Pollin argues that that whether Dodd-Frank is effective depends on who fills those holes, and where, in the process, their efforts are focused.