Deregulating Wall Street

Posted: 8 Nov 2018

See all articles by Matthew P. Richardson

Matthew P. Richardson

New York University (NYU) - Department of Finance; National Bureau of Economic Research (NBER); AQR Capital Management, LLC

Kermit L. Schoenholtz

New York University - Stern School of Business - Department of Economics

Lawrence J. White

New York University (NYU) - Leonard N. Stern School of Business, Department of Economics

Date Written: November 2018

Abstract

We argue that implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act has contributed significantly to the reduction of systemic risk in the United States. However, Dodd-Frank also introduced burdensome rules that have little to do with systemic risk. This article evaluates the trade-off between capital regulation and regulation of scope in the context of Dodd-Frank, with a particular emphasis on the Volcker Rule. Recent regulatory reforms aimed at rolling back Dodd-Frank are evaluated and discussed.

Suggested Citation

Richardson, Matthew P. and Schoenholtz, Kermit L. and White, Lawrence J., Deregulating Wall Street (November 2018). Annual Review of Financial Economics, Vol. 10, pp. 199-217, 2018. Available at SSRN: https://ssrn.com/abstract=3280810 or http://dx.doi.org/10.1146/annurev-financial-110217-022513

Matthew P. Richardson (Contact Author)

New York University (NYU) - Department of Finance ( email )

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National Bureau of Economic Research (NBER)

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AQR Capital Management, LLC ( email )

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Kermit L. Schoenholtz

New York University - Stern School of Business - Department of Economics ( email )

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New York, NY 10012
United States
212-998-0868 (Phone)

HOME PAGE: http://w4.stern.nyu.edu/faculty/bio/kim-schoenholtz

Lawrence J. White

New York University (NYU) - Leonard N. Stern School of Business, Department of Economics ( email )

44 West 4th Street
Suite 9-160
New York, NY NY 10012
United States

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