Follow up to Report: Dodd-Frank Act Does Not End Too Big to Fail But Perpetuates It as Official Policy – today, the Democrat’s interpretation of the same subject – The Fourth Anniversary of the Dodd-Frank Wall Street Reform and Protection Act of 2010, Democratic Staff Report Prepared for Democratic Members of the House Committee on Financial Services – The Honorable Maxine Waters, Ranking Member, U.S. House of Representatives, 113th Congress. July 21, 2014:

“Regulators have made tremendous progress in implementing the Dodd-Frank Act. The Consumer Financial Protection Bureau has already returned $4.6 billion to 15 million consumers who have been subjected to unfair and deceptive practices. The Bureau has established a qualified mortgage rule, ensuring that borrowers who are extended mortgage credit actually have the ability to repay the loan, and has established new rules-of-the-road for mortgage servicers. Additionally, it has worked with the Department of Defense to develop financial protections for service members and veterans, and established a national database to aide consumers with complaints about debt collectors, credit card companies, and credit rating agencies, among others. The Volcker Rule has forced banks to sell-off their standalone proprietary trading desks, and banks have shifted away from speculative trading to investments in the real economy. Shareholders of U.S. corporations now have the ability to have a “say-on-pay,” voting to approve or disapprove executive compensation. And the Securities and Exchange Commission (SEC) has recovered more than $9.3 billion in civil fines and penalties since 2011, leveraging enhanced authorities provided by Dodd-Frank. The SEC has also established an Office of the Whistleblower to aid them in policing securities market violations, which has already received more than 6,573 tips from 68 countries. Further, private funds are making systemic risk reports to regulators, helping them to understand previously opaque risks.”