More than 360,000 words in length, the Dodd-Frank Wall Street Reform and Consumer Protection Act is the longest and most complex piece of financial legislation in American history. The nature and magnitude of its effects, both intended and unintended, will become clearer as regulators exercise the broad discretion given to them under the law. In this new book, the contributors ask whether the law is an effective response to the financial crisis that so deeply rattled our nation. Taking a hard look at the law’s celebrated objectives, they reveal that it not only fails to achieve many of its stated goals, it also creates dangerous regulatory pathologies that could lay the groundwork for the next crisis.

Dodd-Frank: What It Does and Why It's Flawed

Business & Money

White, Lawrence J.

Peirce, Hester

Broughel, James

Verret, J. W.

McLaughlin, Patrick A.

Greene, Robert W.

Economics

Mercatus Center at George Mason University

The financial system is a critical engine that keeps the economy vibrant. Serving consumers faced with unanticipated expenses, investors planning their futures, and small businesses looking to expand, it creates economic opportunities for all participants in society. In recent years, however, worries about too-big-to-fail and too-small-to-borrow have led many to question whether financial markets are working the way they should. Designing a regulatory framework that ensures the resilience of the financial system and supports economic growth and individual prosperity has proven elusive to policymakers and interested observers. Every several years, policymakers scramble to re-regulate the financial system, particularly after a financial crisis has occurred. Too often, new “this time we really mean it” regulations are simply added onto existing ones, which makes for an unwieldy regulatory framework. Real reform requires reimagining the framework from the ground up, a task this book undertakes. Reframing Financial Regulation: Enhancing Stability and Protecting Consumers, edited by Hester Peirce and Benjamin Klutsey, brings together a diverse set of authors to provide alternative ways to regulate different aspects of the financial system. The chapters embody approaches that rely less on centralized, top-down regulations and more on market discipline and oversight. The book, which reflects a wide variety of viewpoints and approaches, seeks to initiate a lively conversation about how a thoughtfully regulated, market-based financial system can facilitate risk sharing, efficiently provide access to capital, and enable households to save for the future.

Reframing Financial Regulation: Enhancing Stability and Protecting Consumers

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