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Reregulation: The Response to the Financial Crisis

In: The Changing Face of American Banking

Author

Listed:
  • Ranajoy Ray Chaudhuri

    (The Ohio State University)

Abstract

Several economists were of the view that the repeal of the Glass-Steagall Act along with relatively light regulation of financial intermediaries and financial markets by the supervisory agencies were the two principal contributing factors behind the global financial crisis of 2008.1 Attempts to redress this culminated in the passage of one of the most comprehensive pieces of financial legislation ever tackled by the U.S. Congress, in 2010. The Dodd-Frank Wall Street Reform and Consumer Protection Act, usually referred to as the Dodd-Frank Act, was “an Act to promote the financial stability of the United States by improving accountability and transparency in the financial system, to end ‘too big to fail’, to protect the American taxpayer by ending bailouts, to protect consumers from abusive financial services practices, and for other purposes.”2

Suggested Citation

  • Ranajoy Ray Chaudhuri, 2014. "Reregulation: The Response to the Financial Crisis," Palgrave Macmillan Books, in: The Changing Face of American Banking, chapter 0, pages 147-184, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-36121-9_10
    DOI: 10.1057/9781137361219_10
    as

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