The Dodd Frank Wall Street Reform And Consumer Protection Act

The Dodd-Frank Wall Street Reform and Consumer Protection Act was signed to redesign numerous areas of the US regulatory system and to protect consumers against mortgage companies, banks, and other entities that were gambling and taking excessive risks with the consumers’ financial assets7. The act promised to restore America and create new jobs for those who had lost everything during the financial crisis of 2008. When the crisis occurred, Wall Street â€Å"did not have the tools to break apart or wind down a failing financial firm without putting the American taxpayer and the entire financial system at risk,† and Washington did not have the power to oversee and limit the risk-taking behavior that was taking place at the time7. The act is composed of sixteen titles, each one can be considered a powerful law individually; however, the act comprised them all together to have a major impact on the economy. Some of the main provisions of the Dodd-Frank Act removed the burden imposed on the taxpayers and are now holding Wall Street accountable for any firm that fails in the future7. In addition, the Volcker Rule has been implemented, in essence this rule prohibits banking institutions to do other activities unconnected to assisting their customers; this provision separates â€Å"proprietary trading† (which includes the banks being â€Å"allowed to own, invest, or sponsor hedge funds, private equity funds, or proprietary trading operations for their own profit†) from the activity of bankingShow MoreRelatedDodd Frank Wall Street Reform And Consumer Protection Act2017 Words   |  9 PagesDodd Frank Wall Street Reform and Consumer Protection Act Passed under the Obama Administration in 2010, the Dodd Frank Wall Street Reform and Consumer Protection Act was designed in response to the Subprime Mortgage Crisis of 2008 which was caused in part by a gradual easing of financial regulations over the past several decades. The goal of the legislation is â€Å"to promote the financial stability of the United States by improving accountability and transparency in the financial system, to end tooRead MoreThe Dodd Frank Wall Street Reform And Consumer Protection Act Essay1486 Words   |  6 PagesA magnified outlook on The Dodd Frank Wall Street Reform and Consumer Protection Act. The united states is currently the proprietor of nearly nineteen trillion dollars in debt, and that number continues to increase to by 2.53 billion per day. With close to three hundred million people in the united states each shared citizen’s debt would be around sixty-one thousand dollars. (debt calculator website). In 2008 at the end of the George bush administration the country was said to be in the worst economicRead MoreThe Dodd-Frank Wall Street Reform and Consumer Protection Act1561 Words   |  7 PagesThe Dodd-Frank Wall Street Reform and Consumer Protection Act brought the most significant changes to financial regulation in the United States since the reform that followed the Great Depression. It made changes in the American financial regulatory environment that affect all federal financial regulatory agencies and almost every part of the nation’s financial services industry. Like Glass-Steagall, the legislation passed after the Great Depression, it sought to regulate the financial markets andRead MoreTheu.s. Dodd Frank Wall Street Reform And Consumer Protection Act930 Words   |  4 Pagesthe Dodd-Frank Wall Street Reform and Consumer Protection Act that was signed into law in July of 2010 sparked bitter controversy. Appropriately argued by American Banker’s Capitol Hill reporter Victoria Finkle, Dodd-Frank is viewed as either a â€Å"landmark law that reined in the biggest banks† or an â€Å"economy-crippling overreach that burdened small institutions.† The Act intends to tighten financial regulation in the U.S., hoping to prevent the repeat of another financial crisis. Impetus for Dodd-FrankRead MoreAnalysis Of The Dodd Frank Wall Street Reform And Consumer Protection Act844 Words   |  4 PagesThe Consumer Financial Protection Bureau (CFPB) came about as a result of the Dodd–Frank Wall Street Reform and Consumer Protection Act. CFPB merged many responsibilities of several federal agencies to their central regulatory body. The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 was put in place to help promote financial stabi lity for American borrowers and impose accountability and regulation of financial institutions. In 2007, interest rates went up and the value of homesRead MoreIs Home Financing Being Effected By The Dodd Frank Wall Street Reform And Consumer Protection Act Of 2010?1340 Words   |  6 Pagesthe Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010? Brian R. Morris Ohio University â€Æ' Abstract The question in this research proposal addresses how home financing may be effected by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. The research will examine the pros and cons of this act. It will also examine major changes since 2010 that affect the home financing process emphasizing new government rules and regulations which resulted from this Act. InRead MoreFederal Regulation Of The United States On The Volatility Of Stock Returns1702 Words   |  7 Pagessavings associations, securities firms and insurance companies. Moreover, I compare the volatility dependence of stock returns for these segments with the introduction of new federal regulation, specifically the Dodd-Frank Wall Street Reform and Consumer Protection Act in 2010 (Dodd-Frank Act). Regulation of financial markets is very significant for investors in the stock markets, policy-makers, practitioners, and academicians who explore the topic very rigorously. This paper contributes to the fieldRead MoreThe Global Financial Crisis of 2008: Can Dodd-Frank Help? The Financial Crisis of 2008 became an2900 Words   |  12 PagesThe Global Financial Crisis of 2008: Can Dodd-Frank Help? The Financial Crisis of 2008 became an experience that the American people will not forget any time very soon. The country took a direct hit to the financial sector during the crisis due to several changes that had taken place. Banks and financial investment companies were two of the many types of businesses that suffered. The consumers began to be fearful when it came to working with banks and financial investment companies. As a resultRead MoreLowering The Liquidity Of The Federal Reserve1262 Words   |  6 Pageson large financial institutions whose failure would have had devastating impacts on the entire economy. The initial authorized TARP budget of $700 billion was later reduced to $475 billion as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act, referred to as the Dodd-Frank Act and authority to make new financial commitments under TARP ended in 2010 (Department of Treasury, n.d.). Of the five program areas, the majority of the TARP money was spent stabilizing banking institutionsRead MoreDodd-Frank Research Paper8381 Words   |  34 PagesDodd-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 †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 3 The History of Financial Reform in the United States †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦..