Wall Street Reform Act

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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

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

DateConservativeLocationAbout
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.”