Dodd–Frank: content, purpose, implementation status, and issues
AbstractAs financial regulation evolved over the past 80 years, it became common to introduce new legislation with the claim that “this is the most significant regulatory reform since the Great Depression and the Banking Act of 1933.” On July 21, 2010, following the 2008–09 financial crisis, President Barack Obama signed into law the Dodd–Frank Wall Street Reform and Consumer Protection Act (hereafter Dodd–Frank). In the view of many in the industry, Dodd–Frank became the new standard against which all future reforms would be compared.1 The stated goals of the act were to provide for financial regulatory reform, to protect consumers and investors, to put an end to too-big-to-fail, to regulate the over-the-counter (OTC) derivatives markets, to prevent another financial crisis, and for other purposes. The act has far-reaching implications for industry stability and how financial services firms will conduct business in the future.
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Bibliographic InfoArticle provided by Federal Reserve Bank of Chicago in its journal Economic Perspectives.
Volume (Year): (2012)
Issue (Month): Q III ()
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