Summary of Dodd-Frank Act

21 July 2010 at 11:33 am 3 comments

| Peter Klein |

The Dodd-Frank Wall Street Reform and Consumer Protection Act — I’ll refrain from snarks about the title — was signed into law today by President Obama. Here is a very useful summary by William Sweet of the Act’s contents and likely consequences. In a nutshell: “The Dodd-Frank Act effects a profound increase in regulation of the financial services industry. The Act gives U.S. governmental authorities more funding, more information and more power. In broad and significant areas, the Act endows regulators with wholly discretionary authority to write and interpret new rules.” Aren’t you shocked that it passed?

Update: Larry Ribstein is not happy. Weil Gotshal provides further details.

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Entry filed under: - Klein -, Bailout / Financial Crisis, Classical Liberalism, Corporate Governance, Financial Markets, Public Policy / Political Economy. Tags: .

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3 Comments Add your own

  • 1. Regulation in the USA at Catallaxy Files  |  21 July 2010 at 6:13 pm

    [...] For a summary of the new legislation. [...]

  • 2. srp  |  24 July 2010 at 10:04 pm

    But now we have something besides “snowman” to refer to when we want to explain to children the meaning of “abominable.”

  • 3. DerivStrategies  |  20 August 2010 at 2:48 pm

    Can it get any more broad, seriously… One thing we know for sure Wall Street will find a way to circumvent the law for the almighty dollar!

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