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The Dodd–Frank Wall Street Reform and Consumer Protection Act, commonly referred to as Dodd–Frank, is a United States federal law that was enacted on July 21, 2010. [1] 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 ...
Dodd–Frank expanded these laws to potentially handle insurance companies and nonbank financial companies and changed these liquidation laws in certain ways. [16] Once it is determined that a financial company satisfied the criteria for liquidation, if the financial company's board of directors does not agree, provisions are made for judicial ...
The Act was the most significant change to U.S. banking regulations since Dodd–Frank. [5] [7] [8] Barney Frank, leading co-sponsor of Dodd-Frank, said parts of the original law were a mistake and supported the legislation. [9] [10] [11] [12]
Since its inception, congressional Republicans have opposed Dodd-Frank. [10] [11] [12] On the campaign trial, Republicans "repeatedly invoked the law's 848-page girth — and its rules on, among other things, trading derivatives and swaps — as a symbol of government overreach that is killing jobs."
Paul Volcker. The Volcker Rule is section 619 [1] of the Dodd–Frank Wall Street Reform and Consumer Protection Act (12 U.S.C. § 1851).The rule was originally proposed by American economist and former United States Federal Reserve Chairman Paul Volcker in 2010 to restrict United States banks from making certain kinds of speculative investments that do not benefit their customers. [2]
It limited any one bank from holding more than 10% of FDIC-insured deposits, and prohibited any bank with a division holding such deposits from using its own capital to make speculative investments. The Volcker rule faced heavy resistance in the Senate and was introduced as part of the subsequent Dodd bill only in a limited form. [12] [13] [14]
Securities and Exchange Commission logo.. The Investor Protections and Improvements to the Regulation of Securities is a United States Act of Congress, which forms Title IX, sections 901 to 991 of the much broader and larger Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. [1]
It was passed as part of the Dodd–Frank financial reform legislation in 2010, as a last-minute addition by Dick Durbin, a senator from Illinois, after whom the amendment is named. [2] After the rule to limit fees, 12 C.F.R. §235, went into effect, a coalition of merchants sued the Federal Reserve.