After about three years of the
sub-prime mortgage crisis, the American Congress passed its new financial
supervision bill on July 15, 2010, which is called Dodd-Frank Wall Street
Reform and Consumer Protection Act. This act was then singed to be in effect by
President Obama on July 21.This act is named as the most serious financial supervision act passed
ever since the Great Depression in 1933. This paper systematically reviews and
analyzes the background, major content, effect, and historical dimension of the
bill, and on this basis, it presents some implications to the financial governance
reform in emerging markets, such as the maintenance of a proper level of
financial deregulation, the
protection of interests of financial product consumers, the cultivation of ethical value and
social responsibility of financial executives or government leaders, etc.
References
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“Bill Summary & Status - 111th Congress (2009- 2010)-H.R.4173-All Information-THOMAS (Library of Congress)”. Library of Congress.
http://thomas.loc.gov/cgi-bin/bdquery/z?d111:HR04173:@@@L&summ2=m&#major%20actions. Retrieved July 22, 2010.
[2]
“Dodd–Frank Wall Street Reform and Consumer Protection Act”-from Wikipedia, the Free Encyclopedia.http://en.wikipedia.org/wiki/Dodd%E2%80%93Frank_Wall_Street_Reform_and_Consumer_Protection_Act. Retrieved October 5, 2010.
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http://washingtonindependent.com/92161/obama-to-sign-dodd-frank-financial-regulatory-reform-bill-into-law-today. Retrieved October 5, 2010.
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Blair, E. Christine and R. M. Kushmeider, “Challenges of the Dual Banking System: The Funding of Bank Supervision,” FDIC Banking Review, Vol. 18, No. 1. 2006, pp. 1-21.
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Comptroller of the Currency. Comptroller’s Licensing Manual. Washington D.C., January, 2005
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X. Q. Wu, On the Handling of “Too Big to Fall” Problem from the US Financial Supervision Reform. China Finance, 2010- 16.
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W. Z. Zhu, On the Criteria and Mechanism for Commercial Banks’ CSR. Economic Management Press, 2009.
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L. Z. Son, et al., The Explanation of US Dodd-Frank Bill: Lessons and Implications for our Country’s Financial Supervision. Macro Economy Research, 2011-1.
