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The Dodd-Frank Act: Financial Reform or Business as Usual?

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  • Robert Prasch

Abstract

This paper revisits the premises and promises of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. It argues that it was based on flawed premises and for that reason failed to lay the foundation for substantive reform. By design, and at the behest of the banks, it lacks the explicit rules and bright lines that are critical to lasting and effective financial regulation. Also missing is a plausible end to "Too Big To Fail" financial institutions, over-leverage, and irresponsible (including fraudulent) risk-taking. The article closes with several concrete suggestions for strengthening regulatory agencies and improving financial regulation.

Suggested Citation

  • Robert Prasch, 2012. "The Dodd-Frank Act: Financial Reform or Business as Usual?," Journal of Economic Issues, Taylor & Francis Journals, vol. 46(2), pages 549-556.
    • Handle: RePEc:mes:jeciss:v:46:y:2012:i:2:p:549-556
    DOI: 10.2753/JEI0021-3624460230
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    Cited by:

    1. Aigbe Akhigbe & Anna D. Martin & Ann Marie Whyte, 2016. "Dodd–Frank and risk in the financial services industry," Review of Quantitative Finance and Accounting, Springer, vol. 47(2), pages 395-415, August.
    2. James Weber, 2015. "Identifying and Assessing Managerial Value Orientations: A Cross-Generational Replication Study of Key Organizational Decision-Makers’ Values," Journal of Business Ethics, Springer, vol. 132(3), pages 493-504, December.
    3. Douglas da Rosa München & Herbert Kimura, 2020. "Regulatory Banking Leverage: what do you know?," Working Papers Series 540, Central Bank of Brazil, Research Department.

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