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The Dodd-Frank Wall Street reform and Consumer Protection Act: unresolved issues of regulatory culture and mindset

Version 2 2024-06-17, 22:38
Version 1 2017-02-03, 16:12
journal contribution
posted on 2024-06-17, 22:38 authored by GL North, R Buckley
The Dodd-Frank Act constitutes the most significant reform of financial regulation in the United States since the 1930s. Some of its provisions are bold, particularly in the areas of consumer protection and derivative trading. However, the political challenges for law reformers and regulators in the wake of the global financial crisis are far from over. The Act is inchoate. The full scope and nature of the new financial regulatory system will take several years to evolve as the mandated studies and rule making are completed and implemented. We argue that the extent to which the reforms achieve their stated objectives will depend most critically on three factors: (i) the competency, integrity and forcefulness of the federal regulators, (ii) their ability and willingness to supervise the finance industry on an integrated basis, and (iii) a fundamental change in the regulatory culture and mindset.

History

Journal

Melbourne university law review

Volume

35

Pagination

479-522

Location

Melbourne, Vic.

ISSN

0025-8938

Language

eng

Publication classification

C1.1 Refereed article in a scholarly journal, C Journal article

Copyright notice

2011, Melbourne University Law Review Association

Issue

2

Publisher

Melbourne University Law Review Association

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