The course will cover the major titles of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, the implementation of over 300 required rulemakings across the federal financial market spectrum that are intended to increase transparency in US financial markets, reduce systemic risks, increase the safety and soundness of the US financial system, and provide new protections for consumers and market participants. The course will cover the sweeping new changes to regulation of over-the-counter derivatives markets, changes to federal banking laws (including systemic risk regulations, new capital and margin requirements, resolution authorities and the Volcker Rule), on-exchange securities and derivatives market reform, corporate control reform provisions, and new consumer protection rules. We will analyze financial market reform efforts and the role and ramifications of federal agency implementing regulations. We will review the major proposed and final regulations, and discuss effects to the US economy.
By the end of this course, I hope you will have a comprehensive overview of the implementation of the Dodd-Frank Act. You will gain a sense of the genesis and policy developments underpinning the Dodd-Frank legislation, an overview of fundamental aspects of financial reform in Dodd-Frank, its basic requirements, its overarching goals, and its upsides and downsides. You will not learn every detail of financial services regulation or every part of Dodd-Frank, but you should grasp the nature and structure of the central tenants of federal oversight of the financial services industry and its market participants.
Another aim of the course is skills-oriented. By participating in class discussions and preparing and presenting the Comment Letter Group Project, I hope you will hone your skills in speaking fluently and comfortably about legal issues. The Comment Letter Group Project is designed to give you real-world experience/exposure to what regulatory lawyers actually do in private and government practice in the financial services space. I want students to be able to identify an issue, think critically about how to solve it, employ legal reasoning to defend their approach, and practice legal writing. My specific expectations for the comment letter project are set out in the “Comment Letter Group Project” section of syllabus.