01:220:301 Lecture Notes - Lecture 9: Commodity Futures Trading Commission, Financial Stability Oversight Council, GlassβSteagall Legislation
Document Summary
The dodd-frank wall street reform act was the most comprehensive financial reform since the glass- It was needed because glass-steagall was repealed in 1999 by the gramm-leach-bliley. This repeal was one cause of the 2008 financial crisis, when deregulated derivatives threw the entire global financial community, and then the economy, into turmoil. Like glass-steagall, it sought to regulate the financial markets to make another economic crisis less likely. The dodd-frank act was named after the two legislators who created it. Senator chris dodd introduced it on march 15, 2010 and ushered it through the senate on may 20. Congressmanbarney frank and approved by the house on june 30. Obama signed the dodd-frank wall street reform act into law. Here are the major parts of the act. The consumer financial protection bureauconsolidated the functions of many different agencies. It oversees credit reporting agencies, credit and debit cards, as well as payday and consumer loans (but not auto loans from dealers).