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Wall Street Reform Act
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Wall Street Reform Act
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Positives
Wall Street Reform Act
Latest Wall Street Reform Act Forum Posts
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Does Cornyn have a good basis for immigration reform?
Zach F
8/16/2011 8:56:07 AM
CARLITOS BAM-BAM
8/16/2011 10:54:11 AM
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Overview of Law
Establishes processes and systems to prevent another economic crisis, enforce regulations, end too big to fail bank bail-outs, provide more transparency and accountability in risky financial instruments, and protect consumers from abusive and deceptive lending practices.
Wall Street Reform Act Benefits & Positives
Date
Positive Result\Benefit
Rank
07/22/10
Financial Stability Oversight Council established to identify and monitor excessive risks to the U.S. financial system
07/22/10
Future economic downturns minimized with new rules and transparency regarding bank trading in credit default swaps and derivatives including the "Volker Rule"
07/22/10
Risk in the financial system reduced with new SEC Office of Credit Ratings (OCR) to monitor credit rating agencies for conflict of interests & inaccuracies
07/22/10
Long-term economic stability improved through new FDIC powers to liquidate failing financial firms such as insurance companies and non-bank financial companies
07/22/10
FDIC bank deposit insurance increased from $100,000 to $250,000
07/22/10
Transparency of Federal Reserve improved with additional government oversight and new audits to be performed by the GAO
07/22/10
Consumer Financial Protection Bureau established to promote fairness and transparency for mortgages, credit cards, and other consumer financial products
07/22/10
Borrowers protected from bad loans with rules and penalties requiring that lenders verify that they are able to repay the loans that they issue
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