President Trump is taking steps to undo the Dodd-Frank Wall Street Reform and Consumer Protection Act signed into law in 2010 as a response to the 2008 financial crisis.
The University of Michigan has legal and financial experts available to lend their insights. They include:
Michael Barr, professor of law and public policy, is an expert on financial reform and regulation. He served as the U.S. Department of the Treasury's assistant secretary for financial institutions and was a key architect of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010.
"Dismantling Dodd-Frank will weaken consumer and investor protections and make the financial system riskier," he said. "We saw what happened with that approach—a financial crisis that crushed the American economy."
Nejat Seyhun, professor of finance at the Ross School of Business, focuses his research activity on backdating of executive options, risk-return trade-off in asset prices, intra-day impact of insider trading, long-run performance of IPOs, and other issues. His backdating work with M.P. Narayanan helped uncover one of the biggest corporate scandals of recent years.
"The new Department of Labor rule was watered down, moderated, qualified and weakened after months of lobbying," he said. "It seems the brokerage industry cannot stand for even a mild attempt to regulate illusionary advice and it does not want to yield a dime to the working men and women of America. This would be a sad event for the typical American family who may not know the difference between fiduciary, proprietary, diversionary and illusionary."