Dodd-Frank Wall Street Reform and Consumer Protection Act
Banking and Finance
This short essay is an attempt to present a few early "big picture" observations on the broad regulatory philosophy underlying the Dodd-Frank Act. The question raised here is whether the Dodd-Frank Act, in fact, provides a blueprint for the twenty-first-century version of the New Deal - a qualitatively new approach to resolving the regulatory challenges posed by today's financial markets. Answering this complex question in full is hardly possible at this stage in the process, when many critical details of the new legal and regulatory regime are yet to be determined. Nevertheless, it is worthwhile to reflect upon some of the overarching themes built into the foundation of the Act, bound to shape the course of the ongoing reform.
Omarova, Saule T., "The Dodd-Frank Act: A New Deal for a New Age?" (2011). Cornell Law Faculty Publications. Paper 1023.
Published in: North Carolina Banking Institute, vol. 15 (March 2011).