Said@Duke: Sarah Bloom Raskin on Weighing Down Consumers With Risk

Part of the Said@Duke Series
We are seeing a transfer of risk from the companies to the consumer

Former Democratic Congressman Barney Frank and former Deputy Treasury Secretary Sarah Bloom Raskin discussed the current state of financial regulation and the post-crisis evolution of the finance industry at an Oct. 25 Duke Law event co-sponsored by the Global Financial Markets Center and the Rethinking Regulation program at the Kenan Institute for Ethics. They began by addressing the Senate’s Oct. 24 repeal of a proposed Consumer Financial Protection Bureau rule that would have allowed consumers to file class-action lawsuits against banks instead of resolving disputes in private arbitration, as mandated by standard banking agreements. Both Frank and Raskin, a Duke University Rubenstein Fellow, agreed that the move reflected a significant setback for consumers.

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