The Future of Financial Regulation: Dodd-Frank and Beyond

by, November 3rd, 2010.

On November 1, 2010, I attended an event sponsored by the Rock Center for Corporate Governance at Paul Brest Hall, Stanford University. I’ve noted a few times that students don’t seem to be taking advantage of Rock Center events. This time the hall was comfortably crowded.

Background: Enacted in July 2010, the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (“Dodd-Frank Act”) reshapes the regulatory framework for the US financial system. Its goal is to “create a sound economic foundation to grow jobs, protect consumers, rein in wall street and big bonuses, end bailouts and too big to fail, and prevent another financial crisis.”

Some highlights  include: creating a new independent watchdog, “The Consumer Financial Protection Bureau” at the Federal Reserve; creating “The Financial Stability Oversight Council” to identify and address systemic risks; ending “too big to fail bailouts”; reforming the Federal Reserve; bringing transparency and accountability to the derivatives market; introducing mortgage reform; raising standards and regulating hedge funds; introducing new requirements and oversight of credit rating agencies; giving shareowners a say-on-pay on executive compensation; giving the SEC authority to grant shareholders proxy access to nominate directors; and introducing substantive new bank and thrift regulations.

Dan Sicoliano did a great job of moderating the event… keeping the panelists on track with pointed questions and within time-frame. This post reflects my notes. I attempted to attribute remarks to the speakers, rather than trying to keep them in context. A video  will be posted by the Center within the next couple of weeks. That will provide an accurate record but, in the meantime, the following might get you reflecting on the topic. (continue reading… )


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