Un-Constitutionality of the Dodd-Frank Act

Abstract

“Restoring American Financial Stability Act” of 2010 (“RAFSA” or the Dodd-Frank Act) was the first set of statutes in any country, that attempted to simultaneously address the Global Financial Crisis, the national securities law framework, the structure of the executive branch of the federal government, and delegation of powers to federal government agencies (to the detriment of state governments). Other countries have enacted statutes that are similar to RAFSA the United Kingdom introduced the Vickers Report, which is similar to the Volcker Rule. Canada, Brazil and Asia countries have also introduced similar statutes. The European Union enacted the European Market Infrastructure Regulation (“EMIR”), the Markets in Financial Instruments Directive II and related Regulation (“MiFID II” and “MIFIR”), the new Capital Requirements Directive and Regulation (“CRD IV”), and other statutes. However, RAFSA and similar statutes in many countries are inefficient, and have failed to address the fundamental problems in financial systems; and parts of RAFSA are unconstitutional.