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Corporate Governance

: The Harvard Law School Corporate Governance Blog

Dodd-Frank Act Becomes Law

By Harvard Law School Program on Corporate Governance

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Editor?s Note: William Sweet is a partner at Skadden, Arps, Slate, Meagher & Flom LLP concentrating in financial institution merger and acquisition, regulatory and enforcement matters. This post is extracted from Skadden's analysis of the Dodd-Frank Act, which was signed into law today by President Obama. Skadden's materials, The Dodd Frank Act: Commentary and Insights, are a collection of commentaries coordinated by Mr. Sweet, which summarize and analyze the Dodd-Frank Act; they are available here. Other posts relating to the Dodd-Frank Act are available here.

The Dodd-Frank Wall Street Reform and Consumer Protection Act (henceforth, the "Dodd-Frank Act"), was signed into law by President Obama on Wednesday July 21, 2010. The Act spans over 2,300 pages and affects almost every aspect of the U.S. financial services industry. The objectives ascribed to the Act by its proponents in Congress and by the President include restoring public confidence in the financial system, preventing another financial crisis, and allowing any future asset bubble to be detected and deflated before another financial crisis ensues.

The Dodd-Frank Act effects a profound increase in regulation of the financial services industry. The Act gives U.S. governmental authorities more funding, more information and more power. In broad and significant areas, the Act endows regulators with wholly discretionary authority to write and interpret new rules.

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Full post as published by The Harvard Law School Corporate Governance Blog on July 21, 2010 (boomark / email).