Financial reform gives with one hand, takes with the other

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Date: Sept. 2010
From: The CPA Journal(Vol. 80, Issue 9)
Publisher: New York State Society of Certified Public Accountants
Document Type: Editorial
Length: 602 words
Lexile Measure: 1460L

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The long-anticipated financial reform legislation has arrived. The Dodd-Frank Wall Street Reform and Consumer Protection Act was signed into law on July 21, 2010. It is intended to overhaul financial regulation and restore stability to U.S. markets and has been touted as the solution to our economic ills. Its proponents say it will do so by--

* creating a new independent watchdog within the Federal Reserve;

* avoiding future "too big to fail" dilemmas;

* identifying and preemptively addressing systemic risks to economic stability;

* bringing transparency and accountability to complex financial instruments, such as derivatives and hedge funds;

* clarifying responsibility for bank supervision;

* enhancing corporate governance and investor protection; and

* strengthening regulatory oversight and enforcement.

If that isn't enough, it also calls for 47 studies, 74 reports, and seven new governmental entities. Many people are encouraged by these impending changes and expect that they will help to reduce fraud and restore public confidence....

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Gale Document Number: GALE|A239119270