Enacted in response to financial crisis of 2008 and the bailout of Wall Street firms at taxpayer expense, the Dodd-Frank Wall Street Reform and Consumer Protection Act (Act) represents the most extensive change in the regulation of financial institutions since the Great Depression. Below are brief descriptions of the key points of the Act that may have a significant impact on the world of public finance.
At the outset, it should be noted that how the Act is implemented will be overseen by the new Republican majority in the House of Representatives. Many members of the Republican caucus were hostile to the Act's passage in the first place, and it is not clear how they will now oversee its implementation. Further, on January 18, 2011, President Obama signed executive order No. 13563, pursuant to which all executive agencies are required to quantify, to the extent possible, and weigh the costs and benefits of a proposed rule or regulation before it is issued, which ultimately may lessen
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