the Dodd-Frank Wall Street Reform and Consumer Protection Act

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Dodd-Frank Wall Street Reform and Consumer Protection Act

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Dodd-Frank Wall Street Reform and Consumer Protection Act
Full title	To promote the financial stability of the United States by improving accountability and transparency in the financial system, to end ‘‘too big to fail’’, to protect the American taxpayer by ending bailouts, to protect consumers from abusive financial rvices practices, and for other purpos.
Colloquial name(s)	Wall Street Reform, Financial Regulatory Reform
Enacted by the	111th United States Congress
Effective	July 21, 2010
Citations
Codification
Legislative history
∙ Introduced in the Hou as "The Wall Street Reform and Consumer Protection Act of 2009" (H.R. 4173) by Barney Frank (D–MA) on December 2, 2009 ∙ Committee consideration by: Financial Services ∙ Pasd the Hou on December 11, 2009 (223–202) ∙ Pasd the Senate with amendment on May 20, 2010 (59-39) ∙ Reported by the joint conference committee on June 29, 2010; agreed to by the Hou on小老鼠忙碌的一天 June 30, 2010 (237-192) and by the Senate on July 15, 2010 (60-39) ∙ Signed into law by President Barack Obama on July 21, 2010
Major amendments

The Dodd-Frank Wall Street Reform and Consumer Protection Act (H.R. 4173) is a federal statute that was signed into law in the United States by President Barack Obama on July 21, 2010.[1] The Act is the product of the financial regulatory reform agenda of the Democratic 111th Congress and the Obama administration.

The law was initially propod on December 2, 2009 in the U.S. Hou of Reprentatives by Barney Frank, and in the U.S. Senate Banking Committee by Chairman Chris Dodd. Due to their involvement with the bill, the conference committee which reported on June 29, 2010,[1] voted to name the bill after the two members of Congress.[2] The act is widely regarded as the most sweeping change to financial regulation since the Great Depression.[3][4][5]

Contents

[hide]

∙ 1 Origins and Passage

∙ 2 Overview

∙ 3 Provisions

o 3.1 Title I - Financial Stability

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▪ 3.1.1 Financial Stability Oversight Council

▪ 3.1.2 Office of Financial Rearch

o 3.2 Title II - Orderly Liquidation Authority

o 3.3 Title III - Transfer of Powers to the Comptroller, the FDIC, and the FED

o 3.4 Title IV - Regulation of Advirs to Hedge Funds and Others

o 3.5 Title V - Insurance

▪ 3.5.1 Federal Insurance Office

▪ 3.5.2 Nonadmitted and Reinsurance Reform Act of 2010

o 3.6 Title VI - Improvements to Regulation

▪ 3.6.1 Moratorium on FDIC Deposit Insurance

▪ 3.6.2 Changes Related to Banks

o 3.7 Title VII - Wall Street Transparency and Accountability

▪ 3.7.1 Subtitle A—Regulation of Over-the-Counter Swaps Markets

o 3.8 Title VIII - Payment, Clearing and Settlement Supervision

▪ 3.8.1 Payment, Clearing, and Settlement Supervision Act of 2010

俄波战争>汗马功o 3.9 Title IX - Investor Protections and Improvements to the Regulation of Securities

▪ 3.9.1 Investor Protection and Securities Reform Act of 2010

▪ 3.9.2 Investor Advisory Committee

▪ 3.9.3 Investor Testing / Licensing

▪ 3.9.4 Fiduciary Duty for Brokers

▪ 3.9.5 Office of the Investor Advocate

▪ 3.9.6 Ombudsman for the SEC

▪ 3.9.7 Subtitle B - Increasing Regulatory Enforcement and Remedies

▪ 3.9.7.1 Whistleblower Protection

▪ 3.9.8 Subtitle C - Improvements to the Regulation of Credit Rating Agencies

▪ 3.9.9 Subtitle D—Improvements to the Ast-Backed Securitization Process

▪ 3.9.10 Subtitle E—Accountability and Executive Compensation

▪ 3.9.11 Subtitle F—Improvements to the Management of the Securities and Exchange Commission

▪ 3.9.12 Subtitle G—Strengthening Corporate Governance

▪ 3.9.13 Subtitle H—Municipal Securities

▪ 3.9.14 Subtitle I—Public Company Accounting Oversight Board, Portfolio Margining, and Other Matters

▪ 3.9.15 Subtitle J—Securities and Exchange Commission Match Funding

▪ 3.9.16 Bureau of Consumer Financial Protection

▪ 3.9.16.1 Organization

▪ 3.9.17 Consumer Advisory Board

o 3.10 Title X - Bureau of Consumer Financial Protection

▪ 3.10.1 Consumer Financial Protection Act of 2010

o 3.11 Title XI - Federal Rerve System Provisions

o 3.12 Title XII - Improving Access to Mainstream Financial Institutions

▪ 3.12.1 Improving Access to Mainstream Financial Institutions Act of 2010

o 3.13 Title XIII - Pay It Back Act

o 3.14 Title XIV - Mortgage Reform and Anti-Predatory Lending Act

▪ 3.14.1 Subtitle A - Residential Mortgage Loan Origination Standards

▪ 3.14.2 Subtitle B - Minimum Standards for Mortgages

金祖山▪ 3.14.3 Subtitle C - High-Cost Mortgages

▪ 3.14.4 Subtitle D - Office of Housing Counling

▪ 3.14.4.1 Expand and Prerve Home Ownership Through Counling Act

▪ 3.14.5 Subtitle E - Mortgage Servicing

▪ 3.14.6 Subtitle F - Appraisal Activities

▪ 3.14.6.1 Property Appraisal Requirements

▪ 3.14.6.2 Automated Valuation Models

▪ 3.14.6.2.1 Quality Standards

▪ 3.14.6.2.2 Regulations

▪ 3.14.6.2.3 Enforcement

▪ 3.14.6.2.4 Broker Price Opinions

▪ 3.14.6.3 Real Estate Settlement Procedures骚岳

▪ 3.14.6.4 GAO Appraisal Study

做预算▪ 3.14.7 Subtitle G - Mortgage Resolution and Modification

▪ 3.14.7.1 Multifamily Mortgage Resolution Program

▪ 3.14.7.2 Home Affordability Program Modifications

▪ 3.14.7.3 Public Information for Making Home Affordable Program

▪ 3.14.8 Subtitle H - Miscellaneous Provisions

o 3.15 Title XV - Miscellaneous Provisions

▪ 3.15.1 Restriction on U.S. Approval of Loans issued by International Monetary Fund

▪ 3.15.2 Disclosures on Conflict Materials in or Near the Democratic Republic of the Congo

▪ 3.15.3 Reporting on Mine Safety

o 3.16 Reporting on Payments by Oil, Gas and Minerals in Acquisition of Licens

▪ 3.16.1 Study on Effectiveness of Inspectors General

▪ 3.16.2 Study on Core Deposits and Brokered Deposits

o 3.17 Title XVI - Section 1256 Contracts

∙ 4 Impact and Reaction

o 4.1 Congressional Budget Office

∙ 5 See also

∙ 6 References

∙ 7 External links

[edit] Origins and Passage

The Financial crisis of 2007–2010陈玉柱 led to widespread calls for changes in the regulatory system.[6] In June 2009, President Obama introduced a proposal to "overhaul" the financial regulatory system which pasd the Hou along party lines in December and pasd the Senate with amendments in May 2010 once again along party lines.[1]

On June 25, 2010, conferees finished reconciling the Hou and Senate versions of the bills and four days later filed a conference report.[1] The conference committee changed the name of the Act from the "Restoring American Financial Stability Act of 2010." The Hou pasd the conference report by a vote of 237-192 on June 30, 2010.[7] The Senate pasd the Act on July 15 by a vote of 60-39,[8] nding the legislation to President Obama's desk.[9] President Obama signed the bill into law on July 21, 2010.[10]

[edit] Overview

The stated aim of the legislation is:

To promote the financial stability of the United States by improving accountability and transparency in the financial system, to end "too big to fail", to protect the American taxpayer by ending bailouts, to protect consumers from abusive financial rvices practices, and for other purpos.[11]

The Stability Act of 2010 (Title I of the Act) propos broad changes to the existing regulatory structure, such as creating a host of new agencies (while merging and removing others) in an effort to streamline the regulatory process, increasing oversight of specific institutions regarded as a systemic risk, amending the Federal Rerve Act, promoting transparency, and additional changes.

The new agencies are either granted explicit power over a particular aspect of financial regulation, or that power is transferred from an existing agency. All of the new agencies, and some existing ones who are not currently required to do so, are also compelled to report to Congress on an annual (or biannual) basis, to prent the results of current plan

s and to explain future goals.

Important new agencies created include Financial Stability Oversight Council, the Office of Financial Rearch, and the Bureau of Consumer Financial Protection. The former two are attached to the Treasury Department, with the Treasury Secretary being Chair of the Council, and the Head of the Financial Rearch Office being a Presidential appointment with Senate confirmation. The Council, consisting of the heads of the eight primary financial regulatory agencies plus an independent Presidential appointee (with insurance experience), is charged with maintaining the country’s financial stability. The Council can, in effect, draft any federal employee to work under its supervision. The Council can also strongly suggest (in some cas mandate) that financial regulatory agencies implement rules and policies as directed by the Council. The Financial Rearch Office, which provides support and the budget for the Council, is charged with assimilating and analyzing financial data, making the financial system more transparent. The Director of the Financial Rearch office has subpoena power. It appears that the creation of the two organizations within the Treasury Department will be transformational in the way the

Country’s financial markets are managed, clearly making the Treasury Secretary the most powerful financial leader in the country.

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