Abstract
On 21 July 2010, the US Congress enacted the Dodd–Frank Wall Street Reform and Consumer Protection Act (the Act).2 It marks the most significant legislative change in the regulatory framework of financial institutions doing business in the USA since the 1930s. It purports to address the failures in the existing framework that many believe contributed to the economic crisis and which resulted in the most significant and costly bailout of financial institutions in US history. However, the Act’s efficacy is uncertain. Many of its provisions are controversial, and several key decisions were simply not made by Congress, but rather delegated to the very regulators who oversaw the markets at the time of the meltdown. With one minor exception, the Act not only did not consolidate the fragmented US regulatory system, but rather increased that fragmentation by creating the Financial Stability Oversight Council (the Council). The Council, which is...
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