(CNN) -- In 2007 and 2008, the American economy suffered through its greatest crisis since the Great Depression. The Treasury Department estimates that from 2007 to 2009, the heart of the Great Recession, more than 8.8 million American jobs disappeared and more than $19 trillion in household wealth was lost. In response to the crisis, the federal government took steps to reform our financial system, most significantly, passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Signed into law by President Barack Obama four years ago Monday, this bill was designed to improve accountability and transparency in our financial system, ensuring we never again face a financial crisis of this magnitude.
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Rep. Patrick McHenry: Wall Street reform law isn't working four years after enactment
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He says Dodd-Frank law has imposed billions in costs and millions of hours of extra work
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McHenry argues it is another example of big government overreach
In signing the law, @placeholder claimed that never again would the American people foot the bill for these large firms.