Additional posts on the doddfranks act are available here. A new book from longtime washington post editor robert kaiser follows the creation of doddfrank, but doesnt follow. The doddfrank wall street reform and consumer protection act brings comprehensive reform to the regulation of swaps. Doddfrank bill amended to change funding method marketwatch. Since they were the ones who reported the said bill, it was named after them. Doddfrank wall street reform and consumer protection act. Reform and consumer protection act the most comprehensive.
The text of the bill below is as of jul 15, 2010 passed congress. The law provides that no person shall be eligible to begin receiving assistance. These products, which have not previously been regulated in the united. Perhaps the major issue in the financial reform legislation was how to address the systemic fragility revealed by the crisis. House of representatives by barney frank, and in the u. Because you are a member of panel, your positions on legislation and notes below will be shared with the panel administrators. This act may be cited as the doddfrank wall street reform and consumer protection act. The doddfrank wall street reform and consumer protection act. Create a sound economic foundation to grow jobs, protect consumers, rein in wall street and big bonuses, end bailouts and too big to fail, prevent another. Fed adopts doddfrank bailout limits rule required under financial overhaul restricts unchecked ability to lend to banks during crisis. This is termed as dodd frank since it was initially proposed by barney frank from the house of representatives and chris dodd from the senate banking committee. Section 165i2 of the dodd frank wall street reform and consumer protection act dodd frank act requires certain national banks and federal savings associations to conduct annual stress tests.
The bill, however, is much broader in repealing numerous doddfrank provisions e. Transfer of powers to the comptroller of the currency, the corporation, and the board of governors abolishment of the ots one year after the date of enactment, the powers and duties of the office of thrift supervision ots will be transferred to the. Formed in 1974, the independent bankers association of texas ibat represents texas community banks. Introduction the doddfrank wall street reform and consumer protection act doddfrank of 2010 provides for a wide variety of new regulatory and supervisory initiatives with the goal to promote a safer and sounder banking system. Eleven states have joined a lawsuit against the wall street reform overhaul. The regulatory capital rules make major changes to the u. Glasssteagall regulated banks after the 1929 stock market crash. The doddfrank wall street reform and consumer protection act pub. Due to their involvement with the bill, the conference committee that reported on june 29, 2010, voted to name the bill after the two members of congress. Not even mentioning the obvious support by the bills main promoters and namesakes, sen. Dodd frank wall street reform and consumer protection act. The disclosures are intended to give the public a greater understanding of how large firms would perform during hypothetical recessions. The impact of the doddfrank act on financial stability and economic growth martin neil baily brookings and aaron david klein bipartisan policy center, presentation to the university of.
This post relates to a davis polk client memorandum summarizing the doddfrank act, which is available here, and accompanying regulatory implementation slides, which are available here. Doddfrank wall street reform and consumer protection act p. In july 2010, congress passed and president obama signed into law the dodd frank wall street. The doddfrank act reauthorized the emergency homeowners assistance program provided by the emergency housing act of 1975 12 u. Doddfrank wall street reform and consumer protection act 2. Someone at the house financial services committee was kind enough to post the entire doddfrank wall street reform and consumer protection act online, and so the idle pleasures of speculation must give way to the real work of reading the reams. Dodd frank summary doddfrank wall street reform act. Representative barney frank dma revised the bill, which then received house approval on june 30, 2010. Trump needles cruz over citizenship and goldman sachs loan.
The doddfrank wall street reform and consumer protection act commonly referred to as doddfrank is a united states federal law that was enacted on july 21, 2010. Subtitle a financial stability oversight committee. Your note is for you and will not be shared with anyone. The doddfrank regulatory reform bill is a bill in the united states which was passed after the 2008 financial crisis which aims to increase restrictions and government control over the financial sector, to prevent another crisis and to improve financial stability.
Summary and implementation schedule of the doddfrank act. The doddfrank act and the new architecture of global finance 1st edition by new york university stern school of business author, viral v. Commentary and insights, are a collection of commentaries. Its eight components help prevent a repeat of the 2008 financial crisis. The bill has maintained a low profile compared with republican plans on health care and taxes, but rolling back doddfrank represents a major part of the republican agenda. The full name of the bill is the doddfrank wall street reform and consumer protection act, but it is better known and most often referred to as doddfrank in. Chairman johnson, ranking member shelby, and other members of the committee, thank you for the opportunity to testify on the first anniversary of the doddfrank wall street reform and consumer protection act of 2010 doddfrank act. Passed in response to the 2008 global financial crisis, the act brought the most significant changes to financial regulation in the nation since the regulatory reform that came. President trump on thursday signed a bipartisan bill to loosen key portions of the dodd frank act of 2010, cementing the first major changes to pr. The doddfrank act was a sweeping, bipartisan plan to overhaul the financial regulatory system after the worst crisis since the great.
Still, the bills passage in the house, widely expected, represents a symbolically significant step in the republicans yearslong quest to undo doddfrank. Separate annual schedules must be reported for each scenario as required, unless otherwise specified in the schedule or subschedule instructions. The doddfrank wall street reform and consumer protection act is a massive piece of financial reform legislation passed during the obama administration in 2010 as a. The doddfrank act implements changes that, among other things, affect the oversight and supervision of financial institutions, provide for a new resolution. The doddfrank act implements changes that, among other things, affect the oversight and supervision of financial institutions, provide for a new resolution procedure for large financial companies, create a new agency responsible for implementing and enforcing compliance with consumer financial. Most of it isnt expected to go anywhere, but theres one part of the new law that could be legally problematic. The doddfrank wall street reform and consumer protection. Doddfrank replacement bill gives free pass to payday. The law overhauled financial regulation in the aftermath of the great recession, and it made changes affecting all federal financial regulatory agencies and almost every part of the nations financial services industry. Effects of doddfrank overhaul bill depend on whether. The dodd frank wall street reform and consumer protection act is a massive piece of financial reform legislation passed during the obama administration in 2010 as a response to the financial. Doddfranks formal name was the wall street reform and consumer protection act and it was designed to clean up a mess that resulted from pervasive abuses on wall street and an almost unfathomable fleecing of borrowers and other consumers by the r. The dodd frank wall street reform and consumer protection act was signed into law on july 21, 2010 by president barack obama.
Implementing the doddfrank wall street reform and consumer protection act. Key features, implementation progress, and financial system impact 2 1. The doddfrank wall street reform and consumer protection act is a united states federal. Act of congress stresses hopeful creation of doddfrank, omits grim ending. The 1975 act conferred on hud standby authority to insure or make loans to, or emergency mortgage payments on behalf of, homeowners to defray mortgage. Doddfrank certification the following information is requested by the federal government in accordance with the doddfrank wall street reform and consumer protection act pub. Question 4 who supported the dodd frank bill who opposed it i think general from ecp 5705 at everest college. The doddfrank act created a new regulatory umbrella group.
The doddfrank wall street reform and consumer protection act is a law that regulates the financial markets and protects consumers. The impact of the doddfrank act on financial stability and economic growth pdf. One hundred eleventh congress of the united states. Senate banking committee by chairman christopher dodd. This act is actually a very grave change in the financial environment of usa. S the dodd frank act passed in reply to the latest financial meltdown, which applies to prevent further fraud and abuse in the.
Estimates about the budget effects of a house republican proposal to overhaul the 2010 doddfrank financial law would vary depending on whether a. Its the most comprehensive financial reform since the glasssteagall act. Why the doddfrank act is a valuable step forward need. Act of congress stresses hopeful creation of doddfrank. Learn vocabulary, terms, and more with flashcards, games, and other study tools. Question 4 who supported the dodd frank bill who opposed. The impact of the doddfrank act on financial stability.
1548 1273 911 722 878 606 340 549 721 318 1532 737 977 430 680 531 737 990 909 1301 388 1454 93 716 697 915 878 1306 799 178 485 656 811 17 971 808 789 783 1290 1425 1313 602 611 1019