Wall Street Reform Act

Latest Forum Threads on Wall Street Reform Act

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

DatePositive Result\BenefitRank
07/22/10Borrowers protected from bad loans with rules and penalties requiring that lenders verify that they are able to repay the loans that they issue
07/22/10Consumer Financial Protection Bureau established to promote fairness and transparency for mortgages, credit cards, and other consumer financial products
07/22/10Transparency of Federal Reserve improved with additional government oversight and new audits to be performed by the GAO
07/22/10FDIC bank deposit insurance increased from $100,000 to $250,000
07/22/10Long-term economic stability improved through new FDIC powers to liquidate failing financial firms such as insurance companies and non-bank financial companies
07/22/10Risk in the financial system reduced with new SEC Office of Credit Ratings (OCR) to monitor credit rating agencies for conflict of interests & inaccuracies
07/22/10Future economic downturns minimized with new rules and transparency regarding bank trading in credit default swaps and derivatives including the "Volker Rule"
07/22/10Financial Stability Oversight Council established to identify and monitor excessive risks to the U.S. financial system
  • U.S. regulators toughened key sections of the Volcker rule's crackdown on Wall Street's risky trades on Tuesday as they finalized one of the harshest reforms after the credit meltdown. The rule - named after former Federal Reserve Chairman Paul Volcker, who championed the reform - generally bans banks from proprietary trading, or speculative trading for their own profits.

Conservative Extremism About Wall Street Reform Act

08/13/13Tom McClintockTown Hall Meeting, CATom McClintock
Tom McClintock
“Well first of all, for a criminal practice there has to be a gun. It’s pretty simple.”