The U.S. banking industry needed more than a bailout following the financial crisis of 2008. It needed an attitude adjustment.
That’s what legislators tried to achieve in 2010 when they pushed through the Dodd-Frank Wall Street Reform and Consumer Protection Act, a complex set of regulations determined to rein in the kind of risky investments and aggressive lending tactics that pummeled bank portfolios and sent the economy into a downslide. The law is so complex — it contained thousands of pages of laws and rules — that some pieces are still being hashed out today.
Five years later, Kellogg alumni Gary Parr ’80 of Lazard and Christina Minnis ’92 of Goldman Sachs reflect on New York’s financial industry and how they operate in today’s climate.
