From the Great Recession to the COVID-19 Pandemic: A Financial History of the United States 2010-2020 —A Comparison of the Government’s Response to the Two Financial Crises that Bookended the 2010 to 2020 Decade

Abstract

This article compares the government's legislative and regulatory response to each of the two financial crises that bookended the 2010-2020 decade and how the response to the COVID-19 crisis was affected by various provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act enacted in 2010 in response to the 2008 financial crisis. The article concludes with six lessons we learned from these two financial crises experienced in relatively short order: act fast, act with force, act on multiple fronts, regain or retain citizens' confidence in the financial system, ensure access to liquidity, and aid those who are struggling.