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Capitol Report: Defending Dodd-Frank, Lew says the markets don’t always get it right

Bloomberg

Treasury Secretary Jacob Lew on Thursday said he’s not a believer in the wisdom of crowds.

At a House Financial Services panel hearing, Lew pushed back on study questioning the effectiveness of Dodd-Frank by one of his predecessors, Larry Summers.

Summers, in a research paper released last week at a Brookings Institution conference, said a range of financial market data show that big banks may be even more risky today then they were before the financial crisis.

Rep. Bill Huizenga, a Republican from Michigan, said Summers basically concluded that the Dodd-Frank law “didn’t work.”

“I don’t think that paper in any way called for rolling back Wall Street reform,” Lew replied.

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