Dodd-Frank Research Paper

8388 Words 34 Pages
Dodd-Frank: A Guide to Financial Reform
Elizabeth Ables, Stefanie Gaines, Angela Howell, Samantha Johnston, and Christina Wright
This paper is submitted in partial fulfillment of the requirements for
Business Ethics and Legal Environment BUS 5933.49
Texas Woman’s University
School of Management
H. Guy Smith, J.D.
December 8, 2012

Table of Contents
The Great Recession of 2008 and the Dawn of Dodd-Frank …………………………… 3
The History of Financial Reform in the United States ………………………………….. 3
Who Are the Agencies Responsible for Implementing Dodd-Frank? ………………….. 5
What is Dodd-Frank and Who Does it Affect? …………………………………………. 9
What is Wrong with Dodd-Frank? ……………………………………………………… 14
Dodd-Frank and Politics – To Reform or Not To
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3). As a result, the provisions set out by Dodd-Frank included several changes in government oversight, including the creation of new agencies, with the goal of enforcing consistent standards of ethical behavior within the financial industry.
The Financial Stability Oversight Committee
One of the core agencies created by Dodd-Frank is the Financial Stability Oversight Committee (FSOC), chaired by the Secretary of Treasury Tim Geithner. The purpose of the FSOC is to foster collaboration between agencies in order to create “collective accountability” in monitoring ethical practices in the financial industry (U.S. Department of the Treasury, 2012, para. 1). The committee includes leaders from the U.S. Department of Treasury, the OCC, the Securities and Exchange Commission (SEC), the Commodities Futures Trading Commission (CFTC), the Federal Deposit Insurance Corporation (FDIC), the Federal Housing Finance Agency (FHFA), the National Credit Union Administration (NCUA), the Bureau of Consumer Financial Protection (CFPB), the Fed, and a member from within the insurance industry, appointed by the president. Each member has voting rights on the committee (U.S. Department of the Treasury, 2012). According to Dodd-Frank, the FSOC was designed to monitor the financial industry for potential threats,

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