The Consequences Of The Dodd-Frank Act

The Consumer Financial Protection Bureau, or CFPB, was created as a tool of financial reform in the legislative package that was authorized by the Dodd-Frank Act, but the law specifically includes terms that prohibit setting interest rate limits, which is contrary to the 36-percent limit that the CFPB is currently trying to mandate as a universal limit on short-term rates. The specifics of the Dodd-Frank Act, according to the www.dodd-frank-act.us, state that the legislation grants, "NO AUTHORITY TO IMPOSE USURY LIMIT" unless such a limit is first passed through due legal processes.

On July 21, 2010, President Obama signed the Dodd-Frank Wall Street Reform and Consumer Protection Act, which is commonly referred as the Dodd-Frank Act. This act was passed as a response to the Great Recession in order to prevent potential financial debacle in the future. This regulation has a significant impact on American financial services industry by placing major changes on the financial regulation and agencies since the Great Depression. This paper examines the history and impact of Dodd-Frank Act on American financial services industry.

Philip H. Siegel, Augusta State University, USA David P. Franz, San Francisco State University, USA John O’Shaughnessy, San Francisco State University, USA

Throughout history and in our own time, legitimate accounting methods have been utilized to fraudulently engage in manipulating activities that results in illicit gains to the perpetrators and losses to individuals and financial institutions.

The Dodd-Frank Act has a market-saving impact in numerous ways, including but not limited to: Starting a financial stability oversight council which actively monitors the stability of large firms whose bankruptcy could have a major negative impact on the economy, the act also provides money to assist with dismantling financial companies that have been placed in receivership, and prevents tax dollars from being used to prop up such firms, which previously was a large waste of tax payer money. It also stops predatory mortgage firms who lend to people who can't afford it, which helped cause the 2008 financial crisis*. While many Republicans will try to convince you that Wall Street’s heavy regulation is killing small banks and reducing the big

Based on this little fact, I am convinced that this trend of mineral-conflict still permeate the fabric of our society. Nations are waging wars against other countries (in most cases, the strong against the weak) in order to forcefully or illegally extract their metal commodities. In many instances, civil conflicts ensue as a result of uneven distribution of these precious metals. For example, the Rwandans genocide, Congo DRC civil war, Sierra Leone’s blood diamond civil war, etc. If human life is more precious than metal commodity, are there any alternatives to put an end to mineral-fueled conflicts? Please be host and object.

Q. 1. What were the major factors that led to the recent financial crisis? How did we get here?

The legislation was repealed in 1999 when key players from the financial arena urged Congress to pass the Gramm-Leach-Bliley Act to reverse Glass-Steagall’s restrictions on bank securities (Heakal, 2003).

From my assessment the possibility for you to consent to a state government as well as a national government is futile. Although the state and national have separate powers, they are capable of challenging each other. Texas is constantly disputing the federal government rules as a consequence; one would have to pick a side. To avoid a financial crisis, in 2010, the Dodd-Frank Act was passed, which meant they could liquidate from large financial institutions in Texas. A lawsuit was filed by Texas Attorney General Greg Abbott due to it, allowing unelected officials’ power over Texas funds without approval. Each having convincing reasoning behind their decisions, one could not comply with both sides considering you are either persuaded by the

The Glass Steagall Act was passed on 1933, which is also known as The Banking Act to tighten regulation on the way banks did their business. This act was written as an emergency measure when about 5,000 banks failed during the Great Depression. Banks mostly failed because of the way they would invest with money. The act prohibits banks from investing money on investments that turn out to be risky. Banks could no longer sell securities or bonds. The act also created Federal Deposit Insurance Corporation (FDIC) to protect the deposits of individuals, which is still used to this date. The FDIC in this era insures your deposits in your bank up to $250,000. This gave the public confidence again to deposit their money in the bank. In 1933

No, I do not agree with the decision of repealing and scaling back areas of the Dodd-Frank Act. However, I understand some people do not want the government meddling in our financial and banking industries. For instance, I believe that some businessmen and women want the economy to prosper and allow them to continue to make more money without the government's involvement. This is not morally right, and in years before 2010, the way they were generating billions of dollars was at the expensive of the our government, majority of the people in the United States, and others around the globe.

In short form, Section 1502 of the Dodd-Frank Wall Street Reform and Consumer Protection Act mandates disclosure of conflict minerals originated in the Democratic Republic of the Congo (DRC) to the Securities Exchange Commission (SEC) and due diligence in sourcing those conflict minerals. Conflict minerals include gold, tantalum, tin, and tungsten, which are used in many popular consumer products used and manufactured throughout the globe. The use of conflict minerals is a growing concern for consumers due to the fact that in the DRC where these minerals can be mined cheaply, an alarmingly high amount of human rights violations are committed by Congolese warlords and

The Dodd-Frank Act was enacted to deal with the various problems occurred in the financial crisis. The paramount reason I choose this law is it has brought the most significant changes in the federal financial regulation since the regulatory reform that followed the Great Depression. (Damian & Lucchetti, 2010)

While the term “conflict mineral” can be used to refer to any mineral resource being exploited by a belligerent faction in order to perpetuate hostilities, it is most commonly associated with columbite-tantalite, cassiterite, wolframite, and gold ore, collectively known as 3TG minerals.i These ores, used to produce tantalum, tin, tungsten and gold, respectively, comprise a multi-billion dollar market fueled by the growing demand for electronics and other products related to the technology industry. The 3TG group is essentially vital in every modern electronic device: phones, computers, pacemakers, light bulbs, batteries, generators, planes, cars, everything.ii The issue with this industry is that these minerals are often harvested by a variety of military factions concentrated in Central Africa, then shipped across the porous border undeclared to Tanzania, Uganda, Burundi, Zambia, Zimbabwe, or Rwanda, smuggled to Africa’s eastern coast, and finally shipped to smelting factories in Southeast Asia and the Indian sub-continent.iii Once the minerals reach the smelting plant they are melted down with other shipments from around the world and any hope of identifying whether or not they were used to fund the growing number of human rights violations occurring in the Democratic Republic of the Congo and throughout Central Africa dissolves. As though this supply chain was not already complex and spanning over a myriad of legal jurisdictions each with their own issues, it is estimated

The term “conflict mineral” refers to anything extracted from a mine that is located within an active conflict zone. According to Graham Templeton with extremetech.com, one of the worst conflict zones in the world is the Democratic Republic of Congo (DRC). It is also one of the most abundant in many of the resources, such as gold, tin, tantalum, and tungsten, which are important to electronics manufacturing. Mineral mines within the DRC are often controlled by militias that treat much of the population, which is often subject to theft murder and rape, as an extension of the local lucrative resources. With the steadily increasing demand for electronics, a country rich in resources should begin to prosper. However, the valuable resources within the DRC have only profited the local militias, and intensified the chaos.