July 2010 - On June 30th, the U.S. House of Representatives passed The Dodd-Frank Wall Street Reform and Consumer Protection Act (the 'Act').
On July 21, President Obama signed into law The Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Act"). The Act significantly reshapes financial regulation in the United States by creating new regulators, regulating new markets, bringing new firms into the regulatory arena, and providing new rulemaking and enforcement powers to regulators.
The Act is intended to address specific issues that contributed to the financial crisis and is heavily remedial in nature. However, it also embraces new approaches that seek to change some of the fundamental tenets of regulation in the United States as well as globally. With financial regulatory reform a key agenda item for the G-20, the Act also seeks to establish principles and standards that the Obama Administration will urge other nations to follow.