New Financial Deal

Understanding the Dodd-Frank Act and Its (Unintended) Consequences

Inbunden, Engelska, 2011

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The good, the bad, and the scary of Washington's attempt to reform Wall Street The Dodd-Frank Wall Street Reform and Consumer Protection Act is Washington's response to America's call for a new regulatory framework for the twenty-first century.In The New Financial Deal, author David Skeel offers an in-depth look at the new financial reforms and questions whether they will bring more effective regulation of contemporary finance or simply cement the partnership between government and the largest banks. Details the goals of the legislation, and reveals that how they are handled could dangerously distort American finance, making it more politically charged, less vibrant, and further removed from basic rule of law principlesProvides an inside account of the legislative processOutlines the key components of the new lawTo understand what American financial life is likely to look like in five, ten, or twenty years, and how regulators will respond to the next crisis, we need to understand Dodd-Frank. The New Financial Deal provides that understanding, breaking down both what Dodd-Frank says and what it all means.

Produktinformation

Utgivningsdatum2011-01-25
Mått155 x 231 x 25 mm
Vikt408 g
FormatInbunden
SpråkEngelska
Antal sidor240
FörlagJohn Wiley & Sons Inc
MedarbetareCohan,WilliamD.
ISBN9780470942758

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Civilrätt inom Juridik
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DAVID SKEEL is the S. Samuel Arsht Professor at the University of Pennsylvania Law School. He is author of Icarus in the Boardroom: The Fundamental Flaws in Corporate America and Where They Came From; Debt's Dominion: A History of Bankruptcy Law in America; and numerous articles on bankruptcy, corporate law, and other topics. His commentary has appeared in the New York Times, Wall Street Journal, Weekly Standard, Books & Culture, and elsewhere.

Foreword ixIntroduction xiA Few Major Characters xvChapter 1 The Corporatist Turn in American Regulation 1The Path to Enactment 3The Two Goals of the Dodd-Frank Act 4A Brief Tour of Other Reforms 6Two Themes That Emerge 8Fannie Mae Effect 11Covering Their Tracks 12Is There Anything to Like? 14Part I Relearning the Financial CrisisChapter 2 The Lehman Myth 19The Stock Narrative 20Lehman in Context 23Lehman’s Road to Bankruptcy 26Lehman in Bankruptcy 29Bear Stearns Counterfactual 31Road to Chrysler 33Chrysler Bankruptcy 35General Motors “Sale” 38From Myths to Legislative Reality 39Part II The 2010 Financial ReformsChapter 3 Geithner, Dodd, Frank, and the Legislative Grinder 43The Players 44TARP and the Housing Crisis 47Road to an East Room Signing 49Channeling Brandeis: The Volcker Rule 54The Goldman Moment 56Chapter 4 Derivatives Reform: Clearinghouses and the Plain-Vanilla Derivative 59Basic Framework 61Derivatives and the New Finance 63The Stout Alternative 66New Clearinghouses and Exchanges 68Regulatory Dilemmas of Clearinghouses 69Disclosure and Data Collection 74Making It Work? 75Chapter 5 Banking Reform: Breaking Up Was Too Hard to Do 77Basic Framework 78New Designator and Designatees 79Will the New Capital Standards Work? 82Contingent Capital Alternative 84Volcker Rule 85What Do the Brandeisian Concessions Mean? 91Office of Minority and Women Inclusion 93Institutionalizing the Government-Bank Partnership 94A Happier Story? 95Repo Land Mine 96Chapter 6 Unsafe at Any Rate 99Basic Framework 100Who is Elizabeth Warren? 102Toasters and Credit Cards 105The New Consumer Bureau 106Mortgage Broker and Securitization Rules 109Consequences: What to Expect from the New Bureau 111What It Means for the Government-Bank Partnership 114Chapter 7 Banking on the FDIC (Resolution Authority I) 117Does the FDIC Play the Same Role in Both Regimes? 118How (and How Well) Does FDIC Resolution Work? 122Moving Beyond the FDIC Analogy 126Chapter 8 Bailouts, Bankruptcy, or Better? (Resolution Authority II) 129Basic Framework 130The Trouble with Bailouts 132Who Will Invoke Dodd-Frank Resolution, and When? 135Triggering the New Framework 137Controlling Systemic Risk 142Third Objective: Haircuts 145All Liquidation, All the Time? 148Part III The FutureChapter 9 Essential Fixes and the New Financial Order 155What Works and What Doesn’t 156Staying Derivatives in Bankruptcy 158ISDA and Its Discontent 163Other Bankruptcy Reforms for Financial Institutions 168Plugging the Chrysler Hole in Bankruptcy 170Bankruptcy to the Rescue 173Chapter 10 An International Solution? 175Basic Framework 176Problems of Cross-Border Cases 177Scholarly Silver Bullets 181Dodd-Frank’s Contribution to Cross-Border Issues 182New Living Wills 185A Simple Treaty Might Do 186Risk of a Clearinghouse Crisis 188Reinvigorating the Rule of Law 189Conclusion 191Notes 195Bibliography 205Acknowledgments 211About the Author 212Index 213