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The Fragmented Dodd-Frank Act and the Wolfs of the Wall Street

Government
USA
Business

Abstract

Six years from the 2007-2009 financial crisis, there has been observed unprecedented waves of financial re-regulation around the world, which, apparently, set up a more restrictive global regulatory regime. Nevertheless, ‘noises’ of various kinds abound in this ‘symphony’ of the after-crisis financial reconstruction, best exemplified by the excessive delay and fragmentation of the Dodd-Frank Act in U.S. under the attack by the ‘Wolfs’ of the Wall Street, the Big Bank. These lead to the questions of how the financial de-regulative moves have been produced and reproduced in the aftermath of the 2007-2009 crisis in U.S.,especially in the context of the new round of stricter financial re-regulation and the enhanced powers by the financial authorities? What are the key factors and institutional settings that contribute to the ‘legitimacy’ of these de-regulation arrangement? And, what are the impacts of such re-de-regulative movement on resolving the passing financial crisis?