The new financial deal : understanding the Dodd-Frank Act and its (unintended) consequences / David Skeel.

Format:

Book

Author/Creator:

Skeel, David A., 1961-

Language:

English

Subjects (All):

Financial services industry--Law and legislation--United States.

Financial services industry.

Financial institutions--Law and legislation--United States.

Financial institutions.

United States. Dodd-Frank Wall Street Reform and Consumer Protection Act.

United States.

Physical Description:

1 online resource (242 p.)

Edition:

1st ed.

Place of Publication:

Hoboken, N.J. : Wiley, c2011.

Language Note:

English

Summary:

"What can we expect from our era's New Deal? To answer this question, The New Financial Deal will begin with an inside account of the legislative process, then outline and access its key components: the new framework for regulating derivatives, the regulation of banking and systemic risk, and the new resolution regime. It will explain the implications of the new framework, and propose correctives that would better align its ostensible objectives--such as preventing future bailouts--with the new regulatory structure. The legislation's key theme is government partnership with and regulation of large concentrated institutions in order to reduce their risk and manage their failure. In place of the decentralized pre-crisis regulation of derivatives, the new legislation will require that most derivatives be cleared through a clearing house and traded on exchanges. The stability of the derivatives market will therefore depend on a small number of potentially enormous clearing houses. For large financial institutions that encounter financial distress, the legislation gives bank regulators sweeping new authority to step in and take over the institution. Regulators, rather than negotiations among the parties themselves, will determine the outcomes. These epochal reforms are posed to change Wall Street forever, but whether they help to regulate supermarket banks or create even more moral hazard is worthy of serious debate."-- Provided by publisher.

Contents:

The corporatist turn in American regulation

The Lehman myth

Geithner, Dodd, Frank, and the legislative grinder

Derivatives reform : clearinghouses and the plain-vanilla derivative

Banking reform : breaking up was too hard to do

Unsafe at any rate

Banking on the FDIC (resolution authority I)

Bailouts, bankruptcy, or better? (resolution authority II)

Essential fixes and the new financial order

An international solution?.

Notes:

Description based upon print version of record.

Includes bibliographical references (p. 205-210) and index.

ISBN:

9786612944192

9781118014929

1118014928

9781282944190

1282944193

9781118014905

1118014901

OCLC:

698167477