{"id":1004018397,"date":"2010-03-16T10:26:05","date_gmt":"2010-03-16T18:26:05","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004018397"},"modified":"2022-12-05T01:25:01","modified_gmt":"2022-12-05T09:25:01","slug":"dodd-rein-in-wall-street","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/dodd-rein-in-wall-street\/","title":{"rendered":"Dodd: Rein in Wall Street"},"content":{"rendered":"<p>March 16, 2010<br \/>\nBy Allison Landa, News Editor<\/p>\n<div id=\"attachment_1004018398\" style=\"width: 160px\" class=\"wp-caption alignright\"><a class=\"highslide\" href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2010\/03\/epicharmus.jpg\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004018398\" data-attachment-id=\"1004018398\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/dodd-rein-in-wall-street\/epicharmus\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2010\/03\/epicharmus.jpg\" data-orig-size=\"500,375\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"epicharmus\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Courtesy Flickr Creative Commons user epicharmus&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2010\/03\/epicharmus.jpg?w=500\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2010\/03\/epicharmus.jpg\" alt=\"\" title=\"epicharmus\" width=\"150\" height=\"150\" class=\"size-thumbnail wp-image-1004018398\" \/><\/a><p id=\"caption-attachment-1004018398\" class=\"wp-caption-text\">Courtesy Flickr Creative Commons user epicharmus<\/p><\/div>\n<p>Senate Banking Committee chairman Christopher Dodd on Monday put forth a dramatic \u2013 and at 1,336 pages, lengthy \u2013 bill to overhaul financial regulations.<\/p>\n<p>\u201cTwo years ago today, Bear Stearns was collapsing. In the time since, Americans have faced the worst financial crisis since the Great Depression,\u201d the bill\u2019s official summary reads. \u201cMillions have lost their jobs, businesses have failed, housing prices have dropped, and savings were wiped out. The failures that led to this crisis require bold action.\u201d<\/p>\n<p>Highlights of the bill, which would create the most sweeping change since the Great Depression, include:<\/p>\n<p>1)\tConsumer protections with authority and independence, which entails the creation of a new independent watchdog housed at the Federal Reserve and with the authority to ensure consumers get clear, accurate information;<\/p>\n<p>2)\tThe end of \u201ctoo big to fail\u201d, which imposes stringent new capital and leverage requirements that make it undesirable for firms to get too large and updates the Fed\u2019s authority to allow systemwide support but no longer prop up individual firms;<\/p>\n<p>3)\tAn advanced warning system, which creates a council to identify and address systemic risks posed by large companies, products, and activities;<\/p>\n<p>4)\tTransparency and accountability for exotic instruments, which eliminates loopholes that allow risky and abusive practices to continue unnoticed and unregulated;<\/p>\n<p>5)\tFederal bank supervision, which streamlines bank supervision to create clarity and accountability;<\/p>\n<p>6)\tExecutive compensation and corporate governance, which allows shareholders to give input on pay and corporate affairs with a non-binding vote.<\/p>\n<p>The bill also seeks to protect investors by providing tougher new rules for transparency and accountability for credit-rating agencies and enforcing regulations on the books.<\/p>\n<p>The newly created Consumer Financial Protection Bureau will be independently led and have an autonomous budget. Additionally, the new nine-member Financial Stability Oversight Council will target risks posed by larger firms along with making recommendations to regulators for stricter regulations on bigger, more complex companies.<\/p>\n<p>\u201cThe economic crisis introduced a new term to our national vocabulary \u2013 systemic risk,\u201d the summary reads. \u201cIn an interconnected global economy, it\u2019s easy for some people\u2019s problems to become everyone\u2019s problems. The failures that brought down giant financial institutions last year also devastated the economic security of millions of Americans who did nothing wrong \u2013 their jobs, homes, retirement security, gone overnight.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Senate Banking Committee chairman Christopher Dodd on Monday put forth a dramatic \u2013 and at 1,336 pages, lengthy \u2013 bill to overhaul financial regulations.<\/p>\n","protected":false},"author":936,"featured_media":1004018398,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21825,21742],"tags":[],"class_list":["post-1004018397","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","category-latest"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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