Managing to the New Regulatory Reality: Doing Business Under the Dodd-Frank Act

Overview

In Managing to the New Regulatory Reality,  author Gregory Wilson provides important lessons for private sector management, specifically financial services firms, as well as lessons for policymakers, regulators, and our political economy that will shed light on how we go from bubble to crisis, regulatory reform, and economic readjustment.  Broken down into four parts, this book briefly reviews the causes of the 2008 financial crisis (market, regulatory, and international failures) and assesses...

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Managing to the New Regulatory Reality: Doing Business Under the Dodd-Frank Act

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Overview

In Managing to the New Regulatory Reality,  author Gregory Wilson provides important lessons for private sector management, specifically financial services firms, as well as lessons for policymakers, regulators, and our political economy that will shed light on how we go from bubble to crisis, regulatory reform, and economic readjustment.  Broken down into four parts, this book briefly reviews the causes of the 2008 financial crisis (market, regulatory, and international failures) and assesses their impact on multiple stakeholders; describes and analyzes the impact of the immediate policy and regulatory reactions on financial institutions that the crisis response triggered (in 2008, primarily U.S., but also G20); explains the legislative policy and process response, and then describes the resulting new regulatory reality for managers of financial institutions (evolving from the Obama Administration proposals through the Congress, but also including new G20 global standards, all of which should be enacted by 1Q2010); and finally concludes with an assessment of the new regulatory reality as well as the new U.S. and G20 regime that will govern financial institutions risk management and competitive behavior for the foreseeable future.

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Product Details

  • ISBN-13: 9780470874394
  • Publisher: Wiley
  • Publication date: 2/17/2011
  • Series: Wiley Finance Series , #611
  • Edition number: 1
  • Pages: 354
  • Product dimensions: 6.20 (w) x 9.10 (h) x 1.40 (d)

Meet the Author

Gregory P. Wilson is the founder of his own consulting firm specializing in financial policy and regulatory issues and is a former part-ner in McKinsey & Company's Washington, D.C., office. Prior to joining McKinsey, during the U.S. savings and loan crisis, he served as the deputy assistant secretary for financial institutions policy at the U.S. Treasury Department, where he received the Secretary's Distinguished Service Award. For more information, visit www.gregwilsonconsulting.com.
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Table of Contents

Foreword.

List of Acronyms.

Preface.

Part One: Understanding the Immediate Political Reactions.

Chapter 1: Immediate U.S. Reaction The Emergency Economic Stabilization Act of 2008.

All Roads Ultimately Lead to Congress.

How a Crisis Bill Becomes an Emergency Law.

EESA's Major Provisions.

Conclusion.

Chapter 2: Rise of the G20 - A Global Call to Action.

A New International Financial Order.

Toward a Balanced Approach.

Conclusions.

Chapter 3: The Beginnings of the New Regulatory Reality.

Democracy Can Act Swiftly in a Crisis.

Problems at a Small Minority of Firms Create Lasting Industry Problems.

Populist Anger Drives Unintended Consequences.

When Governments Intervene to Protect Taxpayers, Strings Are Attached.

Crises Have Long Political and Regulatory Tails.

Safety Valves Don't Always Work as Expected.

International Crises Command Global Responses.

Part Two: Understanding U.S. and G20 Regulatory Reforms.

Chapter 4: The U.S. Legislative Process.

Administration Proposal.

House Consideration.

Senate Consideration.

Conference Consideration.

Conclusion.

Chapter 5: The Dodd-Frank Act of 2010.

New Regulatory Architecture.

New Regulatory Standards.

New Operating Restrictions.

Higher Regulatory Costs.

Conclusions.

Chapter 6: Beyond the U.S. - Current G20 Efforts.

G20 Agenda Going Forward.

IMF Review of U.S. Financial Sector Assessment Program, 2010.

International Industry Response.

Conclusions.

Part Three: Preparedness: 10 Lessons for Winning in the New Regulatory Reality.

Chapter 7: Set the Right Leadership “Tone at the Top”.

Corporate Leadership.

Leadership in Society.

Leadership on Public Policy.

Implications.

Chapter 8: Tell a Good Story.

Background.

What Individual Firms Can Do.

What the Industry Must Do.

Implications.

Chapter 9: Be Politically Adept, Not Tone Deaf.

Background.

New Legislative Mandates for Executive Compensation Limits.

Consumer Protection.

Implications.

Chapter 10: Advocate Constructively for Better Outcomes.

Background.

No Shortage of Future Policy Debates.

The Importance of Balanced Policy Objectives.

Broader issues - getting back to competitiveness.

Implications.

Chapter 11: Manage Strategy and Regulatory Risks Together.

Background.

Strategy and Regulatory Risks after the Dodd-Frank Act.

Implications.

Chapter 12: Maintain Fortress Strength at all Times.

Background.

New Basel III Requirements.

New Capital and Liquidity Requirements in the Dodd-Frank Act.

Implications.

Chapter 13: Live Good Governance.

Background.

The Value of Good Governance.

Recent Regulatory Efforts to Improve Corporate Governance.

BIS 2006 Principles.

IIF Principles.

Implications.

Chapter 14: Plan Carefully for Contingencies.

Background.

U.S. Rapid Resolution Plans.

Implications.

Chapter 15: Engage Regulators on Warning Signs.

Making sense of crises warning signs.

The New Official U.S. Role in Identifying Financial Crises.

An Industry Action Plan on Early Crisis Detection.

Implications.

Chapter 16: Build Trust-based Supervisory Relationships.

Background.

Building Trust-based Supervisory Relationships.

Improve Supervisory Relationships to Avoid Negative Regulatory Consequences.

Implications.

Chapter 17: Conclusion - Be Prepared!

Implications for Financial Companies.

Implications for the Financial Services Industry.

Notes.

Additional Resources.

Acknowledgments.

About the Author.

Index.

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