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Implications of the Dodd-Frank Act

Author

Listed:
  • Viral V. Acharya

    (Finance Department, Stern School of Business, New York University, New York 10012, National Bureau of Economic Research, Cambridge, Massachusetts 02138, Center for Economic Policy Research, London EC1V 3PZ, United Kingdom)

  • Matthew Richardson

    (Finance Department, Salomon Center for the Study of Financial Institutions, Stern School of Business, New York University, New York 10012, National Bureau of Economic Research, Cambridge, Massachusetts 02138)

Abstract

In this review, we provide an economic assessment of the Dodd-Frank Act of 2010 in terms of the likely efficacy of the financial-sector regulation it proposes. We focus in particular on its ability to contain systemic risk, the risk that many financial firms may fail en masse, and discuss the tools it employs. Namely, we examine enhanced capital requirements for systemically important financial firms, the separation of proprietary trading from bank holding companies (the Volcker rule), the resolution authority for orderly management of large complex financial institution (LCFI) failure, and attempts to contain risks in the shadow banking system. We relate the Act to its most important predecessor, the Banking Act of 1933, and consider the desirability and implications of the Dodd-Frank Act's all-encompassing approach to the reform of financial-sector architecture and regulation.

Suggested Citation

  • Viral V. Acharya & Matthew Richardson, 2012. "Implications of the Dodd-Frank Act," Annual Review of Financial Economics, Annual Reviews, vol. 4(1), pages 1-38, October.
    • Handle: RePEc:anr:refeco:v:4:y:2012:p:1-38
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    More about this item

    Keywords

    banking crises; systemic risk; capital requirements; liquidity requirements; Volcker rule; resolution authority; shadow banking; the Banking Act of 1933; Glass-Steagall Act;
    All these keywords.

    JEL classification:

    • G01 - Financial Economics - - General - - - Financial Crises
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G22 - Financial Economics - - Financial Institutions and Services - - - Insurance; Insurance Companies; Actuarial Studies
    • G24 - Financial Economics - - Financial Institutions and Services - - - Investment Banking; Venture Capital; Brokerage
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation

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