Wolters Kluwer Law & Business Special CCH Briefing on Dodd-Frank Act as Senate Readies Vote
Saturday, July 10, 2010
Posted by: Boomer Consulting, Inc.
Wolters Kluwer Law & Business has issued an in-depth CCH Briefing Special Report detailing key provisions of the House-passed Dodd-Frank Wall Street Reform and Consumer Protection Act. To read the Briefing, click here. Wolters Kluwer Law & Business is a leading provider of research information and software solutions in key specialty areas for legal and business professionals, with products under the CCH and Aspen names.
Last month, a House-Senate committee reconciled previous versions of financial reform and on June 30, 2010, the U.S. House of Representatives passed the Dodd-Frank Act to restructure the financial services regulatory system. The Senate is expected to vote on the measure the week of July 12.
"Since the financial crisis began more than two years ago, there have been calls for reform from all corners,” said Wolters Kluwer Law & Business Principal Federal Securities Law Analyst Jim Hamilton, JD, LLM. "It appears that enactment of legislation representing the most significant overhaul of the federal financial regulatory system is imminent.”
The CCH Briefing Special Report reviews each key provision of the legislation including:
- Creation of an independent Consumer Financial Protection Bureau;
- New federal government power to wind down large, failing financial institutions;
- Establishment of a ten-member Financial Stability Oversight Council to oversee system risks;
- Strengthened regulation of financial holding companies;
- Abolishment of the Office of Thrift Supervision;
- The new Volcker Rule to limit the amount of money a bank can invest in hedge funds;
- Provisions to discourage financial institutions from excessive risk-taking;
- Ending of new lending under the Troubled Asset Relief Program;
- Allowance of one-time audits by the Government Accountability Office of the Fed’s emergency lending activities during a crisis;
- Establishment of the Federal Insurance Office to supervise most insurance products;
- New stricter oversight provisions of over-the-counter derivatives market;
- Additional new investor protections, including stricter oversight of credit rating agencies;
- New securitization reforms and expanded SEC enforcement powers; and
- Establishment of a federal standard for all home loans to ensure borrowers can repay their loans.
"Assuring consumers that their interests are protected has been a major emphasis among lawmakers,” said Wolters Kluwer Law & Business Financial Institutions Law Analyst John M. Pachkowski, JD. "Now, just like there are consumer protection organizations to protect consumers’ interests in other areas, the legislation calls for a Bureau of Consumer Financial Protection to regulate consumer financial products.”
For More Information
Members of the press interested in speaking with Wolters Kluwer securities and banking law experts should contact Leslie Bonacum at 847-267-7153, firstname.lastname@example.org; or Brenda Au at 847-267-2046, email@example.com.
For a copy of the Briefing on the Dodd-Frank Wall Street Reform and Consumer Protection Act, visit the Financial Reform News Center at http://financialreform.wolterskluwerlb.com. The Center provides the legal community and others with a cohesive and robust selection of new developments and analysis. Additionally, Jim Hamilton’s World of Securities Regulation offers unique analysis on securities law and regulation.
About Wolters Kluwer Law & Business
Wolters Kluwer Law & Business is a leading provider of research products and software solutions in key specialty areas for legal and business professionals, as well as casebooks and study aids for law students. Its major product lines include Aspen Publishers, CCH, Kluwer Law International and Loislaw. Its markets include health care organizations, law firms, law schools, corporate counsel and professionals requiring legal and compliance information. Wolters Kluwer Law & Business, a unit of Wolters Kluwer, is based in New York City and Riverwoods, Ill. Wolters Kluwer is a market-leading global information services company.