Wall Street reform
Wall Street reforms are reforms or
financial industry
in the United States.
2007–2008 financial crisis
.
The Glass–Steagall Act of 1933
The
insurance companies. House Democratic leaders refused to allow an amendment by Rep. Maurice Hinchey (D-NY) to restore Glass-Steagall as part of the 2009 Frank bill.[1] Hinchey introduced his proposal as a separate bill, the Glass-Steagall Restoration Act of 2009.[2] Nonetheless, the "Volcker rule" proposed by the Obama administration has been described as a "new Glass-Steagall Act for the 21st century", as it establishes stringent rules against banks using their own money to make risky investments.[3]
Sarbanes–Oxley Act of 2002
The
WorldCom
.
Dodd–Frank (2010)
As of May 2010, both the House and Senate bills had been passed, but the differences between the bills were to be worked out in
credit rating agencies
, but the Senate's bill is much stronger.
House bill
H.R. 4173, the
D-MA), passed by the House of Representatives in December 2009,[7] and awaiting action by the Senate as of April 2010.[8][9]
Senate bill
D-CT) on April 15, 2010.[10] Dodd's bill included a $50 billion liquidation fund which drew criticism as a continuing bailout, which he was pressured to remove by Republicans and the Obama administration.[11]
The Senate bill passed on May 20, 2010.
Volcker Rule
The
U.S. Treasury Department. It limited any one bank from holding more than 10% of FDIC-insured deposits, and prohibited any bank with a division holding such deposits from using its own capital to make speculative investments. The Volcker rule faced heavy resistance in the Senate and was introduced as part of the subsequent Dodd bill only in a limited form.[12][13][14]
Financial Stability Oversight Council
Chaired by the
Federal Reserve System, U.S. Securities and Exchange Commission, Federal Housing Finance Agency, and many other agencies. The main purpose of the council is to identify risk in the Financial system. Also, the council will look at the interconnectivity of the highly leveraged financial firms and can ask companies to divest holdings if their structure poses a great threat to the Financial system. The council will have a solid control on the operations of the leveraged firms and also help in increasing the transparency.[15]
See also
References
- ^ Robert Scheer (2010-01-06). "McCain Gets It, Obama Doesn't". The Nation.
- ^ "[Text of H.R. 4375]". thomas.loc.gov. Archived from the original on 2016-01-30. Retrieved 2010-04-17.
- ^ Jill Treanor (2010-01-21). "Obama announces dramatic crackdown on Wall Street banks: Obama's 'new Glass-Steagall Act' will prevent banks with customer deposits taking risky investment bets". The Guardian. London.
- ^ "Wall Street reform". PBS. August 2002. Archived from the original on June 17, 2008.
- ^ "[Text of H.R. 3763 (6 versions)]". thomas.loc.gov. Archived from the original on 2010-12-07. Retrieved 2010-04-17.
- ^ Indiviglio D. (2010). The Conference Challenges Congress Faces for Financial Reform. The Atlantic.
- ^ "[Text of H.R. 4173 (3 versions)]". thomas.loc.gov. Archived from the original on 2010-11-05. Retrieved 2010-04-17.
- ^ "H.R.4173 - Wall Street Reform and Consumer Protection Act of 2009". OpenCongress.org. Retrieved 2010-04-17.
- ^ Ben Protess (2009-12-18). "Barney Frank Vs. The Credit Raters (VIDEO)". Huffington Post Investigative Fund.
- ^ "[Text of S.3217]". thomas.loc.gov. Archived from the original on 2014-10-17. Retrieved 2010-04-17.
- ^ Henry, Ed (2010-04-17). "White House signals shift on Wall Street reform". CNN. Archived from the original on July 17, 2012.
- ^ Damian Palmetta (2010-02-24). "'Volcker Rule' Stalls in Senate". The Wall Street Journal.
- ^ Kevin Drawbaugh & Karey Wutkowski (2010-03-03). "Obama reasserts Volcker rule". Reuters.
- ^ "Factbox: Key elements of Dodd's financial reform bill". Reuters. 2010-03-15.
- ^ David Scheer; Gregory Mott; Lawrence Roberts (2010-07-15). "Congressional Overhaul Maps the Future of Financial Regulation". Bloomberg Businessweek. Archived from the original on July 18, 2010.
