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  • Countdown Starts To Implement Financial Reform Legislation in U.S.

  • More on This Topic

  • From Bills to Regulations

  • Financial Reform in Europe

  • European Commission Unveils Proposed Financial Reform Legislation

  • EMIR at a Glance

  • DTCC's Repositories

  • DTCC and EMIR

  • Name of Legislation:

    Dodd-Frank Wall Street Reform and Consumer Protection Act (HR 4173)

    Date Enacted:

    July 21, 2010

    Number of Pages:


    Number of Rulemakings:

    243 separate rulemakings, 67 one-time studies/ reports and 22 periodic reports according to one analysis.

    Timing for Enactment:

    The majority of rules must be enacted by July 2011; some have shorter timelines (30 days) and others extend beyond 18 months.

    Highlights of the Legislation:

    • Establishes the Financial Stability Oversight Council (FSOC):
    • 10-member committee chaired by the Secretary of the Treasury will have the authority to monitor the financial system and take action to mitigate systemic risk.

    • Establishes the Office of Financial Research (OFR):
    • This new data compilation and analytic office within the U.S. Treasury will have responsibility for broadly monitoring overall systemic risk within the U.S. financial system and providing assessments on how certain policies might impact systemic risk.

    • Imposes new rules for the over-thecounter (OTC) derivatives market:
    • The law requires most derivatives trades to be executed on exchanges or platforms known as swap execution facilities (SEFs), central clearing and the reporting of all trades (both cleared and non-cleared) to repositories or the CFTC.

    • Establishes the Consumer Financial Protection Bureau:

    This new, independent office will reside within the Federal Reserve Board and oversee credit cards, mortgages and personal finance, including monitoring the markets for consumer financial products and services; regulating banks and credit unions with assets of over $10 billion, all mortgage-related businesses, student lenders and other large nonbank financial companies.