Thursday, February 23, 2012

Dodd-Frank and "Too Big To Fail"

To follow up on a post here earlier this month, see this video of an interview of Brooklyn Law School Professor Roberta Karmel with Bloomberg Law's Lee Pacchia discussing the Dodd-Frank reform of the financial industry. Viewing Dodd-Frank as weak, Prof. Karmel discusses alternate proposals such as breaking up large American banks and combining the Securities Exchange Commission with the Commodity Futures Trading Commission.

In the interview, Prof. Karmel comments that the Dodd-Frank financial reform is not strong enough to stop another financial crisis. "This is not a recipe for strong regulation.” Karmel said that the Dodd-Frank Act "has improved some financial regulation, but it did not work any real structural change either in the regulatory system or in the financial system." She added "What we've moved away from is holding people responsible for business failure."

Bloomberglaw's interview with Rodge Cohen, of Sullivan & Cromwell LLP takes a difference perspective on "too big to fail".

For more videos, see Bloomberglaw's Channel on YouTube.

The BLS Library recently added to its collection The Dodd-Frank Wall Street Reform and Consumer Protection Act: From Legislation to Implementation to Litigation by David Berson and Susan A. Berson, two noted banking and tax lawyers. The book is a practical guide to help attorneys who represent clients in the financial services industry untangle the complexities of the provisions of Dodd-Frank and regulations issued in response to it. Divided into eight parts, each section represents a financial services sector where the book addresses the factual and regulatory background behind the pertinent Dodd-Frank provisions. It also features practical advice on steps that should be taken by financial services companies to prepare for the statutory and regulatory changes.

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