Regulatory reform proposal comparison
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The document compares the original regulatory reform proposal to the Dodd compromise proposal across six areas: supervision, resolution authority, investor protection, consumer protection, derivatives. The Dodd proposal retains Fed supervision for banks over $50B and establishes a systemic risk council. It assesses a $50B fee on the financial industry to cover resolution costs and subjects resolutions to bankruptcy court review. It includes more substantive investor protections. It establishes a consumer protection authority within the Fed led by an independent chair. Debate continues on derivatives reform, particularly on mandatory clearing and exchange trading.
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The document discusses the key components and participants in a financial system. It describes how a financial system bridges the gap between those who demand capital (borrowers) and those who have surplus capital (savers). The main participants are identified as households, non-financial corporations, governments, and financial corporations. Households and financial corporations are typically net savers, while non-financial corporations and governments are usually net borrowers. The financial system facilitates capital transfers between these groups through various financial institutions, services, instruments and markets. It also discusses the importance of safety, security and transparency in a financial system.
The Legal Foundations of Financial Collapse
In 1984, in 1990 and in 2005 Congress passed laws exempting certain financial contracts from the standard provisions of the bankruptcy code. In each case, the effect of the law was to protect collateral securing the contract from those provisions of the bankruptcy code that allow a judge to review the claims of secured creditors and to protect the interests of other creditors whenever necessary.
The introduction of inequitable treatment into the bankruptcy code would be acceptable, if in fact the financial contract exemptions worked to protect the stability of the financial system. Recent experience indicates, however, that the special treatment granted to repurchase agreements and over the counter derivatives tends to reduce the stability of the financial system by encouraging collateralized interbank lending and discouraging careful analysis of the credit risk of counterparties. The bankruptcy exemptions also increase the risk that creditors will run on a financial firm and bankrupt it. Thus, the bankruptcy code has been rewritten to favor financial firms and this revision of the law has had a profoundly destabilizing effect on the financial system.
Coffee dodd-frank-systemic-risk-cs
The document provides an overview and analysis of the Dodd-Frank Act, which was passed by Congress in 2010 to address systemic risk in the U.S. financial system following the 2008 financial crisis. It discusses key aspects of the Act, including the creation of the Financial Stability Oversight Council to monitor systemic risk, restrictions on the Federal Reserve's ability to bail out failing institutions, the introduction of resolution authority as an alternative to bailouts, and new regulations around executive compensation. The analysis questions whether some of the Act's approaches for dealing with failing banks and systemic risk, such as resolution authority, will be effective in practice.
Dodd-Frank Act: Impact on Business and IT
This paper covers the context of the Dodd-Frank Act, proposed changes and its impact on the financial services industry from a business and IT perspective.
Six Principles for True Systemic Risk Reform
Ten years after the capstone of financial industry deregulation--the Financial Modernization, or Gramm-Leach-Bliley, Act--the United States is facing the worst economic crisis since the Great Depression. The following policy brief outlines six key principles for comprehensive and meaningful systemic risk reform, which are neccessary to undo many of the ill-advised deregulatory measures of the past 20 years, including the four key changes wrought by the Gramm-Leach-Bliley Act.
Asset Securitization and Insolvency
This document discusses asset securitization and the effect of insolvency on special purpose vehicles (SPVs) under US bankruptcy law. It explains that asset securitization involves transferring assets from an originator to an SPV, which then issues securities backed by the assets. This is done to isolate the assets from potential insolvency of the originator. The document outlines bankruptcy risks for lenders if assets are not securitized, and how securitization allows lower-cost financing. It also summarizes key bankruptcy concepts regarding SPVs, including that their bankruptcy remoteness relies on the legal concepts of true sale and substantive consolidation.
The Consumer Financial Protection
The document discusses the evolution of the Consumer Financial Protection Bureau (CFPB) and outlines some of its proposed powers and responsibilities. Key points include:
- The CFPB started as an independent agency but evolved to be a semi-independent bureau within the Federal Reserve.
- It would have rulemaking, supervisory, and enforcement authority over consumer financial products and services.
- There is debate around the scope of its authority over institutions and its independence from other regulators.
Reg Reform Fact Sheet
The document outlines the Treasury's framework for regulatory reform, focusing first on containing systemic risk. It discusses establishing a single independent regulator to oversee systemically important firms and critical infrastructure. It also calls for higher capital and risk management standards for large, interconnected firms. Additionally, it proposes requiring hedge funds above a certain size to register with regulators to increase transparency and oversight of these investment vehicles.
Reg Reform Fact Sheet
The document outlines Treasury Secretary Geithner's testimony on regulatory reform which focuses on addressing systemic risk. It discusses establishing a single regulator for systemically important firms, higher capital and risk management standards for such firms, requiring registration of large hedge funds, regulating over-the-counter derivatives, strengthening money market funds, and creating a resolution authority for failing complex institutions. The goal is to modernize financial regulation to prevent future crises and ensure stability.
Borrowed capital
Borrowed capital consists of funds raised through loans and credit from various sources such as debentures, bonds, and financial institutions. It creates obligations for the company to repay the principal and pay interest. Borrowed capital is temporary in nature compared to equity capital. Debentures are debt instruments used by companies to borrow money at fixed interest rates. Bonds are also debt instruments where an investor loans money to a corporate or government body. Financial institutions such as banks provide long-term loans to companies. Borrowed capital allows companies to raise funds for expansion while creating repayment obligations.
Similar to Regulatory reform proposal comparison (20)
Dodd frank wall_street_reform_comprehensive_summary_final
Dodd frank wall_street_reform_comprehensive_summary_final
US Senate Financial Reform Managers Amendment Summary, March 23, 2010
US Senate Financial Reform Managers Amendment Summary, March 23, 2010
Regulatory reform proposal comparison
- 1. REGULATORY REFORM UPDATE Comparison of the Original Regulatory Reform Proposal to the Dodd Compromise Proposal