The Dodd-Frank Wall Street Reform and Consumer Protection Act: Unresolved Issues of Regulatory Culture and Mindset

45 Pages Posted: 20 Dec 2013

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: 2012

Abstract

The Dodd-Frank Act in the United States is a major piece of legislation. Some of its reforms are bold, particularly in the areas of consumer protection and derivative trading. However, the regulatory framework of the Act is far from complete. While the broad reform was successfully negotiated through Congress and the Senate, the political challenges are far from over. The full scope and nature of the financial reform 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 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) their ability to change fundamentally their regulatory culture and mindset.

Suggested Citation

North, Gill and Buckley, Ross P., The Dodd-Frank Wall Street Reform and Consumer Protection Act: Unresolved Issues of Regulatory Culture and Mindset (2012). Melbourne Univeristy Law Review, Vol. 35, No. 2, 2012; UNSW Law Research Paper No. 2013-82. Available at SSRN: https://ssrn.com/abstract=2369624

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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