U.S. and EU Regulatory Proposals
U.S. and EU Regulatory Proposals
How Strict? How Cooperative?
This chapter discusses the U.S. and EU regulatory proposals for dealing with the global financial crisis. The Dodd-Frank Wall Street Reform and Consumer Protection Act were two of the landmark legislations for overhauling the U.S. regulatory framework. The Dodd Frank proposal sought to address five regulatory issues: (i) the excessive risk taking of financial institutions; (ii) regulatory controls for over-the-counter derivatives and credit default swaps; (iii) the protection of consumers as holders of mortgages and credit cards; (iv) the distribution of regulatory functions among regulatory agencies; and (v) the uniformity and accessibility of global regulatory agencies. In contrast, the regulatory momentum in the EU was slow and dissonant due to the lack of political cohesiveness of nation-states.
Keywords: EU regulatory proposals, Dodd-Frank Wall Street Reform, Consumer Protection Act, U.S. regulatory framework, over-the-counter derivatives, credit default swaps, regulatory agencies
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