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The New Financial Deal: Understanding the Dodd-Frank Act and Its (Unintended) Consequences
John Wiley and Sons Ltd, Jan 2011, Pages: 220
The good, the bad, and the scary of Washington's attempt to reform Wall Street
The Dodd-Frank Wall Street Reform and Consumer Protection Act is Washington's response to America's call for a new regulatory framework for the twenty-first century.
In The New Financial Deal, author David Skeel offers an in-depth look at the new financial reforms and questions whether they will bring more effective regulation of contemporary finance or simply cement the partnership between government and the largest banks.
- Details the goals of the legislation, and reveals that how they are handled could dangerously distort American finance, making it more politically charged, less vibrant, and further removed from basic rule of law principles
- Provides an inside account of the legislative process
- Outlines the key components of the new law
To understand what American financial life is likely to look like in five, ten, or twenty years, and how regulators will respond to the next crisis, we need to understand Dodd-Frank. The New Financial Deal provides that understanding, breaking down both what Dodd-Frank says and what it all means.
Praise for The New Financial Deal: Understanding the Dodd-Frank Act and Its (Unintended) Consequences
'While we wait and wonder what the true denouement of the Dodd-Frank Act will be, we are blessed with Professor David Skeel's timely, informative, and lucid explanation of the ins and outs of the new law. For readers trying to understand what Dodd-Frank will likely mean for Wall Street's future—and for ours—Skeel skillfully dissects the Act's nuances and intricacies and provides regulators a road map for how to make sure Wall Street doesn't double-cross us again anytime soon. It's a must-read.'
From the Introduction by William D. Cohan, bestselling author of House of Cards, The Last Tycoons and a book on Goldman Sachs to be published in 2011
What would have happened if the government hadn't bailed out some of the country's largest and most well-established institutions, such as Bear Stearns, AIG, Citigroup, and Bank of America, in 2008? When President Obama signed the new Dodd-Frank Wall Street Reform and Consumer Protection Act last July, he proclaimed that bailouts like these would never be necessary again. Is this true? And what exactly does the new legislation do?
In The New Financial Deal: Understanding the Dodd-Frank Act and Its (Unintended) Consequences, author, David Skeel offers answers to all of these questions and more. Skeel analyses each of the main components of the Dodd-Frank Act, explaining how they will work and showing that the new regulatory framework depends on precisely the qualities that Americans found so offensive about the bailouts of 2008: special treatment of the largest financial institutions and ad hoc intervention in the event of trouble.
Skeel's assessment is not entirely pessimistic, however. He argues that a few features of the Dodd-Frank Act are genuine improvements, such as its regulation of financial derivatives and the new Consumer Financial Protection Bureau, and he outlines several simple bankruptcy reforms that would curb the worst excesses of the new partnership between the government and the largest financial institutions. Skeel also considers the international implications of the new law, concluding that its principal contribution to cross-border issues is a requirement that the largest financial institutions prepare “living wills” detailing how they would limit damage to the global financial system if they failed.
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