The Dodd–Frank Wall Street Reform and Consumer Protection Act Will Require a Change in Regulatory Culture and Mindset to Be Effective

48 Pages Posted: 24 Dec 2011 Last revised: 10 Nov 2016

See all articles by Gill North

Gill North

Deakin University, Geelong, Australia - Deakin Law School

Ross P. Buckley

University of New South Wales (UNSW) - Faculty of Law

Date Written: November 4, 2011

Abstract

The Dodd-Frank Act constitutes the most significant reform of financial regulation in the United States since the 1930s. Some of its provisions are bold, particularly in the areas of consumer protection and derivative trading. However, the political challenges for law reformers and regulators in the wake of the global financial crisis are far from over. The Act is inchoate. The full scope and nature of the new financial regulatory system will take several years to evolve as the mandated studies and rule making are completed and implemented. We argue that the extent to which the reforms achieve their stated objectives will depend most critically on three factors: (i) the competency, integrity and forcefulness of the federal regulators, (ii) their ability and willingness to supervise the finance industry on an integrated basis, and (iii) a fundamental change in the regulatory culture and mindset.

Suggested Citation

North, Gill and Buckley, Ross P., The Dodd–Frank Wall Street Reform and Consumer Protection Act Will Require a Change in Regulatory Culture and Mindset to Be Effective (November 4, 2011). Melbourne Univeristy Law Review, Vol. 35, No. 2, 2011; UNSW Law Research Paper No. 2011-52. Available at SSRN: https://ssrn.com/abstract=1975545

Gill North

Deakin University, Geelong, Australia - Deakin Law School ( email )

221 Burwood Highway
Burwood
Burwood, Victoria 3125, Victoria 3125
Australia

Ross P. Buckley (Contact Author)

University of New South Wales (UNSW) - Faculty of Law ( email )

Sydney, New South Wales 2052
Australia

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