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Journal Article
Implementing Dodd–Frank: identifying and mitigating systemic risk
The 2008 financial crisis revealed some basic flaws in our financial system and in our financial regulatory framework. Specifically, the crisis demonstrated that the failure or the material financial distress of some of our largest, most complex firms could pose a threat to the financial stability of the United States.
Journal Article
Dodd–Frank Act implementation: well into it and no further ahead
A parlor game that we have inflicted on our family and friends involves one person reading the first line of a book while the others try to guess the title and author. For example, here is one that some of you would get right away, although it might cause others of you to struggle: ?It is a truth universally acknowledged, that a single man in possession of a good fortune, must be in want of a wife.? Of course, that is from Jane Austen?s Pride and Prejudice. Those of you who guessed that one right away may be feeling very smug.
Journal Article
Regulating Wall Street: the Dodd–Frank Act
In this article, I review some of the main findings described in Regulating Wall Street: The Dodd?Frank Act and the New Architecture of Global Finance, which I co-edited.1 As such, this article is based on the work of 40 or so faculty members and PhD students at New York University?s Stern School of Business (NYU Stern); I especially draw on the work in the volume of my co-editors, Viral V. Acharya, Thomas Cooley, and Ingo Walter. Moreover, in this article, where appropriate, I also mention and describe some of the updates to the implementation of the Dodd?Frank Wall Street Reform and ...
Journal Article
Implementing Dodd–Frank: orderly resolution
I would like to take the opportunity to discuss one of those challenging issues?the orderly resolution of systemically important financial institutions (SIFIs). The Dodd?Frank Wall Street Reform and Consumer Protection Act provided important new authority to the Federal Deposit Insurance Corporation (FDIC) to resolve SIFIs. Prior to the recent crisis, the FDIC?s receivership authority was limited to federally insured banks and thrift institutions. There was no authority to place the holding company or affiliates of an insured institution or any other nonbank financial company into an FDIC ...
Journal Article
Implementing the Dodd–Frank Act: progress to date and recommendations for the future
I know that I don?t have to tell you that the Commodity Futures Trading Commission (CFTC) has been extraordinarily busy in its efforts to fulfill the regulatory mandates of the Dodd?Frank Wall Street Reform and Consumer Protection Act. As of May 2011, the CFTC has put forth 66 proposed and final rules under the Dodd?Frank Act. Not even counting the last four rule proposals the CFTC voted on, we?re at over 1,046 dense Federal Register pages filled with legal jargon and regulatory requirements. If you were to run the comment periods on all of those proposals consecutively, it would take 2,964 ...
Conference Paper
Regulating Wall Street
Conference Paper
Implementing Dodd-Frank
Journal Article
Dodd–Frank: content, purpose, implementation status, and issues
As 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 ...