Tomorrow it will be two years since Congress enacted the Dodd-Frank Wall Street Reform and Consumer Protection Act. The law was designed to provide comprehensive reform to financial regulation in response to the major crisis that hit the U.S. financial system in 2008. The law’s stated purpose is:
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.
This voluminous statute has spawned thousands of pages of regulation. Its provisions include the establishment of the Financial Stability Oversight Council, chaired by the Treasury Secretary and the Consumer Financial Protection Bureau.
A Congressional Research Service Report summarizing the policy issues and provisions of the law is available here. Not surprisingly, the law has generated vocal adherents and detractors. A Google News search for “Dodd-Frank” and/or a search limited to “Blogs”* will reveal many of these opinions.
*To find blogs on Google: Search for the desired keyword>From the results page, expand the left hand toolbar at “More”>Select “Blogs”