The real Dodd-Frank scandal

Washington

COMES now Timothy Geithner, treasury secretary from 2009 to 2013, to tell you that much of what you "know" about Dodd-Frank - US Congress's response to the 2008-09 financial crisis - is wrong. It's a timely review because the Trump administration is promising to overhaul the law. The title of Mr Geithner's essay, carried in the current issue of Foreign Affairs, is simple: "Are We Safe Yet?" The answer is not so simple.

Start with good news. Like many others, Mr Geithner - a critical player in containing the breakdown - doubts the United States faces "a major financial crisis anytime soon". To justify this, he offers both statistics and common sense.