Haynes and Boone Analysis: The Regulatory Reform Bill - Opportunities and Risks


President Barack Obama signed H.R. 4173 on July 21, 2010. The "Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010," is the result of a long process of heated, political debate over what steps the United States should take to prevent future financial crises similar to the "Great Recession."

Everyone agreed that changes had to be made to the regulatory structure of our financial system to fix problems that contributed to the crisis, but few people agreed on the specifics.

While the Act can be considered as a major legislative victory for the Obama Administration, it is not a perfect piece of legislation, in part because it does not solve all of the problems - for example, the Act essentially ignores the conservatorship of both Fannie Mae and Freddie Mac and postpones their resolution to the future.

The intent of this memorandum is to provide a broad overview of the various provisions of the Act, to demonstrate how those provisions will impact different business sectors, and to shed light on opportunities and risks that the Act may present. We hope that this memorandum is helpful and that you find the information useful.

Many of the provisions of the Act require implementing rules and include requirements for studies, a process which is unlikely to be finalized for several years. In some cases, the agencies charged with issuing the rules do not exist yet. Accordingly, it will be important to pay close attention to the rulemaking process as it goes forward.

Please contact your Haynes and Boone, LLP attorney for additional information on any of the material or topics contained in the materials. The names, e-mail addresses and phone numbers of the attorneys who prepared the materials are listed in each Title for your convenience.

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