Perspectives On Dodd Frank And Finance

Leading scholars, along with regulators and practitioners, discuss Dodd-Frank and financial regulation. The origins of the Dodd-Frank Act in the financial crisis and the legislative process that produced it are described. Systemic risk and the problem of too-big-to-fail institutions are explained. Salient features of the Act, including new rules for mortgage origination and securitisation, central clearing of derivatives, the Volcker Rule, the creation of the CFPB and the FSOC, the conflict minerals rule, and new rules for resolving troubled financial institutions are discussed.

It has been four years since the financial crisis of 2008, and the global financial system still is experiencing malaise caused by high rates of unemployment; a lingering, unresolved supply of foreclosed properties; the deepening European debt crisis; and fear of a recurrence of the bank turmoil that brought about the Great Recession. All of these factors have led to stagnant economic growth worldwide. In Rocky Times, editors Yasuyuki Fuchita, Richard J. Herring, and Robert E. Litan bring together experts from academia and the banking sector to analyze the difficult issues surrounding troubled large financial institutions in an environment of economic uncertainty and growing public anger. Continuing the format of the previous Brookings- Nomura collaborations, Rocky Times focuses largely on developments within the United States and Japan but looks at those in other nations as well. This volume examines two broad areas: the Japanese approach to regulating financial institutions and promoting financial stability and the U.S. approach in light of the Dodd-Frank Act. Specific chapters include "Managing Systemwide Financial Crises: Some Lessons from Japan since 1990," "The Bankruptcy of Bankruptcy," "The Case for Regulating the Shadow Banking System," "Why and How to Design a Contingent Convertible Debt Requirement," and "Governance Issues for Macroprudential Policy in Advanced Economies." Contributors: Gavin Bingham (Systemic Policy Partnership, London), Charles W. Calomiris (Columbia Business School), Douglas J. Elliott (Brookings Institution), Kei Kodachi (Nomura Institute of Capital Markets Research), Morgan Ricks (Vanderbilt Law School).

In this volume, what are thought to be some of the more important aspects of the Dodd–Frank Act are discussed from a number of perspectives, including that of industry scholars who have been actively involved in evaluating financial regulation, regulators who are responsible for implementing the reform, financial policy experts representing think tanks and banking trade associations, congressmen and congressional staff involved with developing the legislation, and legal scholars. The volume summarizes the act, evaluates how the new regulations are being implemented and how the implementation process is progressing, and discusses modifications that, in the views of the authors, might be needed to more effectively achieve the stated goals of the legislation. Contents:Introduction and Summary of the Act:The Dodd–Frank Act: An Overview (Douglas D Evanoff and William F Moeller)Critical Assessment of the Act:Regulating Wall Street: The Dodd–Frank Act (Matthew Richardson)Financial Stability via Regulation:Financial Stability Regulation (Daniel K Tarullo)Implementing Dodd-Frank: Identifying and Mitigating Systemic Risk (Mark Van Der Weide)Implementing the Dodd–Frank Act: Progress to Date and Recommendations for the Future (Scott D O'Malia)Dodd–Frank Act Implementation: Well Into It and No Further Ahead (Wayne A Abernathy)Financial Stability via Efficient Failure Resolution:We Must Resolve to End Too-Big-To-Fail (Sheila C Bair)The Orderly Liquidation of Lehman Brothers Holdings Inc. Under the Dodd–Frank Act (Federal Deposit Insurance Corporation)Implementing Dodd–Frank: Orderly Resolution (Martin J Gruenberg)Resolving Globally Active, Systemically Important, Financial Institutions (Federal Deposit Insurance Corporation and the Bank of England)An Alternative View: Financial Stability via Bank Breakups:Do SIFIs Have a Future? (Thomas M Hoenig)Ending Taxpayer-Funded Bailouts: Dodd–Frank Promises More Than It Can Deliver (Richard W Fisher and Harvey Rosenblum)Solving the Too-Big-To-Fail Problem (William C Dudley)Consumer Protection:Partnering: The Consumer Financial Protection Bureau and State Attorneys General (Richard Cordray)Prepared Remarks Before the National Association of Attorneys General (Richard Cordray)The Consumer Financial Protection Bureau: The Solution or the Problem? (Brenden D Soucy)Was Dodd–Frank Necessary? Needed?:The Financial Crisis and “Too-Big-To-Fail” (Barney Frank and the Minority Staff of the House Financial Services Committee)A Dissent From the Majority Report of the Financial Crisis Inquiry Commission (Peter J Wallison) Readership: Financial economists, as reading material for beginner to intermediate courses in Finance and Economics for undergraduates and MBA students, general public, and policy makers interested in the Dodd-Frank Wall Street Reform and Consumer Protection Act (2010). Key Features:A dynamic read on a very topical and controversial subject — the Dodd-Frank ActContributors from various fields and each provides a different perspective of the formation, implementation and improvements for the Dodd-Frank ActBrings together in one volume the relevant people to discuss the most important policy issues affecting the financial services industryCombines both academic and industry positions on the topic in a readable formatKeywords:Dodd-Frank;Financial Regulation;Macroprudential Regulation;Systemic Risk;Volcker Rule;Resolution Authority;Consumer Protection;Central Clearinghouses (CCPs)

The good, the bad, and the scary of Washington's attempt to reform Wall Street The Dodd-Frank Wall Street Reform and Consumer Protection Act is Washington's response to America's call for a new regulatory framework for the twenty-first century. In The New Financial Deal, author David Skeel offers an in-depth look at the new financial reforms and questions whether they will bring more effective regulation of contemporary finance or simply cement the partnership between government and the largest banks. Details the goals of the legislation, and reveals that how they are handled could dangerously distort American finance, making it more politically charged, less vibrant, and further removed from basic rule of law principles Provides an inside account of the legislative process Outlines the key components of the new law To understand what American financial life is likely to look like in five, ten, or twenty years, and how regulators will respond to the next crisis, we need to understand Dodd-Frank. The New Financial Deal provides that understanding, breaking down both what Dodd-Frank says and what it all means.

An executive overview of the new Financial Regulations Act This book provides an executive summary of the newly passed Financial Regulations Act. It examines the most important sections of the Act, how it impacts the financial industry, as well as what executives must know and do in order to comply with the Act. One of the first books to provide an executive summary from a compliance perspective Presents responsibilities of senior level executives regarding this new Act Reveals what has changed within the regulatory environment Provides tips and techniques throughout Describing the government regulation of securities, securities markets, and securities transactions in the United States, this timely book succinctly defines, describes, and explains domestic securities regulation for compliance officers, accountants, and broker-dealers.

Experts from NYU Stern School of Business analyze new financial regulations and what they mean for the economy The NYU Stern School of Business is one of the top business schools in the world thanks to the leading academics, researchers, and provocative thinkers who call it home. In Regulating Wall Street: The New Architecture of Global Finance, an impressive group of the Stern school’s top authorities on finance combine their expertise in capital markets, risk management, banking, and derivatives to assess the strengths and weaknesses of new regulations in response to the recent global financial crisis. Summarizes key issues that regulatory reform should address Evaluates the key components of regulatory reform Provides analysis of how the reforms will affect financial firms and markets, as well as the real economy The U.S. Congress is on track to complete the most significant changes in financial regulation since the 1930s. Regulating Wall Street: The New Architecture of Global Finance discusses the impact these news laws will have on the U.S. and global financial architecture.

More than 360,000 words in length, the Dodd-Frank Wall Street Reform and Consumer Protection Act is the longest and most complex piece of financial legislation in American history. The nature and magnitude of its effects, both intended and unintended, will become clearer as regulators exercise the broad discretion given to them under the law. In this new book, the contributors ask whether the law is an effective response to the financial crisis that so deeply rattled our nation. Taking a hard look at the law's celebrated objectives, they reveal that it not only fails to achieve many of its stated goals, it also creates dangerous regulatory pathologies that could lay the groundwork for the next crisis.

The 2007-2009 financial crisis threatened the stability of the U.S. financial system and the health of the U.S. economy. To address regulatory gaps and other problems revealed by the crisis, Congress enacted the Dodd-Frank Act. Federal regulators will need to issue hundreds of rules to implement the act. Industry representatives, academics, and others generally have supported the act’s goal of enhancing U.S. financial stability, but implementation of certain of the act’s provisions has led to much debate. These experts have expressed a wide range of views on the potential positive and negative effects that the act could have on the U.S. financial system and broader economy. This report examined the (1) losses associated with the recent financial crisis; (2) benefits of the act for the U.S. financial system and the broader economy; and (3) costs of the act’s reforms. Tables and figures. This is a print on demand report.