Generated on 2014/06/19 at 04:58:33 AM

Regulation / Law Item: Dodd-Frank Wall Street Reform and Consumer Protection Act

Acronym or Abbreviation
Alias or Synonym	Dodd-Frank Act
Key Words
Description (HTML)	The Dodd-Frank Wall Street Reform and Consumer Protection Act (Pub.L. 111-203, H.R. 4173; commonly referred to as Dodd-Frank) was signed into federal law by President Barack Obama on July 21, 2010 at the Ronald Reagan Building in Washington, DC. Passed as a response to the Great Recession, it brought the most significant changes to financial regulation in the United States since the regulatory reform that followed the Great Depression. It made changes in the American financial regulatory environment that affect all federal financial regulatory agencies and almost every part of the nation's financial services industry. The Act addresses: The consolidation of regulatory agencies, elimination of the national thrift charter, and new oversight council to evaluate systemic risk; Comprehensive regulation of financial markets, including increased transparency of derivatives (bringing them onto exchanges); Consumer protection reforms including a new consumer protection agency and uniform standards for "plain vanilla" products as well as strengthened investor protection; Tools for financial crises, including a "resolution regime" complementing the existing Federal Deposit Insurance Corporation (FDIC) authority to allow for orderly winding down of bankrupt firms, and including a proposal that the Federal Reserve (the "Fed") receive authorization from the Treasury for extensions of credit in "unusual or exigent circumstances"; Various measures aimed at increasing international standards and cooperation including proposals related to improved accounting and tightened regulation of credit rating agencies. The Volcker Rule, which prohibits depository banks from proprietary trading (similar to the prohibition of combined investment and commercial banking in the Glass-Steagall Act in 1933)
Source Description	Dodd-Frank Act official document
Source URL	https://www.sec.gov/about/laws/wallstreetreform-cpa.pdf
Document	No document attached...
Item Quality Status (Item Quality Status)	Incomplete
Lifecycle - Exist Start Date	2010-07-21
Lifecycle - Exist End Date	UNKNOWN
Updated by	webea.09
Updated on	2014-04-09 15:34:27
governs	Location United States