Regulating Wall Street: The Dodd-Frank Act and the New Architecture of Global Finance / Edition 1

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T he Dodd-Frank Wall Street Reform and Consumer Protection Actof 2010 is everywhere described as the most ambitious andfar-reaching overhaul of financial regulation since the 1930s. TheAct was born of the severe financial crisis of 2007–2009 andthe Great Recession that followed. It attempts to fix parts of thefinancial architecture that failed in the crisis. The Act isalready being denounced by some for not going far enough to curbthe risky behavior of financial institutions, and condemned byothers for going too far and hampering innovation and efficiency infinancial markets.

Following Restoring Financial Stability: How to Repair a FailedSystem, a forensic analysis of the financial crisis of2007–2009, forty NYU Stern faculty have produced this in-depthanalysis of the Dodd-Frank Act. It provides a comprehensivedescription of the important parts of the Act and a balancedassessment of its likely success as the new regulatory architecturefor the financial system.

The Dodd-Frank Act, together with other regulatory reformsintroduced by the Securities and Exchange Commission (SEC), theFederal Reserve, and other regulators as well as financial sectorreforms being put in place in Europe, is going to alter thestructure of financial markets in profound ways. The editors arguethat the Dodd-Frank Act provides much-needed improvements infinancial regulation but falls far short of what could have beenachieved.

Today, it seems that everyone's taking credit for predicting thenear collapse of America's financial system that started in 2007.But, rather than looking to the past at what went wrong and who wasright, in Regulating Wall Street: The Dodd-Frank Act and the NewArchitecture of Global Finance, leading academics from New YorkUniversity's Stern School of Business—each a specialist in arelevant discipline—turn their attentions to the newlegislation to regulate Wall Street in the future, and whether theresulting regulations will promote growth and prevent another nearcollapse of our financial system, or contribute to its catastrophicfailure.

Edited by Viral Acharya, Thomas Cooley, Matthew Richardson, andIngo Walter, this book is essential reading for policymakers,business executives, and anyone who can benefit from having aclear, coherent, and rigorous framework for thinking about thefuture of global finance.

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Editorial Reviews

From the Publisher
"A fascinating, lively, and thoroughly readable guide to the Dodd-Frank Act that pierces the cloud of confusion that hangs over so much of the financial reform debate. It is extremely timely and valuable, and should be required reading for all policymakers, investors, and students of finance. What makes the book so valuable is that it not only analyzes the scope of the Act, in a punchy, lively style, but it also discusses its potential impact. More important, the book analyzes what is not covered in the Act—and where the potential challenges to the financial system still lie."
Gillian Tett, U.S. Managing Editor, Financial Times

"The crisis of 2008 confronted even well-educated Americans with a flood of incomprehensible financial vocabulary, describing novel financial institutions and practices most of us had never heard of before. Now we have the 2,300-page Dodd-Frank Act, designed to provide the needed repair. Will it do so? What else will it do? How can we even start to think about these basic questions? Regulating Wall Street addresses these questions in a clear, direct style, taking us through the many parts of the Act one at a time, and providing informed, cogent economic analysis of each. A valuable standard source for future discussion."
Robert E. Lucas, University of Chicago, 1995 Nobel Laureate

"Take the faculty of one of the best finance departments in the world. Ask them to analyze the new U.S. legislation on financial regulation, and to think about what the new law gets right, what it gets wrong, and how it is likely to shape the future of the financial system. With a bit of luck, you get this very impressive book. An absolute must-read."
Olivier Blanchard, Chief Economist, International Monetary Fund

"Regulating Wall Street goes a long way toward clarifying the intent of the various provisions of the Dodd-Frank Act and evaluating both its effectiveness and limitations. The need for effective implementation by agencies is appropriately emphasized. Not a quick read, a useful reference work on an enormously complex piece of legislation, dealing with an even more complex financial reality."
Paul Volcker, Chairman of the Economic Recovery Advisory Board and former Chairman of the Federal Reserve (1979–1987)

“There are many villains in the story of the recent crisis and much written to name them, describe them and even curse them. . .  If you want to know how to fix the problem, I highly recommend ‘Regulating Wall Street,’ from New York University’s Stern School of Business. . .  In the excellent book, ‘Regulating Wall Street,’ several of the studies indicate that there are few synergies among financial activities that could lead to economies of scope. The studies also demonstrate that multiple functions in large, complex firms can actually increase systemic risk. Moreover, they suggest that the spun-off activities could thrive without explicit or implied government support.  The conclusion in this book is that separating activities in this manner, together with stronger resolution processes and better capital standards, would do much to strengthen our financial system, making it more accountable and stronger.”
Thomas M. Hoenig, President, Federal Reserve Bank of Kansas City

"Readers should read Regulating Wall Street to understand why, in the face of market failures and copious evidence that Wall Street is unproductive, Congress and regulators labored mightily to resurrect the financial intermediation racket just as it existed on September 12, 2008." (Tax Notes)

“If you want to know how to fix the problem, I highly recommend Regulating Wall Street, from New York University’s Stern School of Business.”
Karl Denninger, Seeking Alpha

“One refreshing sign of hope for constructive change is that economists, some of whose theories had much to do with a light regulatory approach toward derivatives and the housing bubble, are increasingly producing research calling for stricter guidelines then Dodd-Frank or the Obama administration. Regulating Wall Street presents a wide range of new research supporting stronger regulations than Dodd-Frank recommends, such as . . . tax proposals. . . In the prologue of Regulating Wall Street, the editors, hardly known as progressives, remind financiers how useful strong regulations were in the past. . . We would be better off if the powers on Wall Street would remember. . . “
(New York Review)

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Product Details

  • ISBN-13: 9780470768778
  • Publisher: Wiley
  • Publication date: 11/9/2010
  • Series: Wiley Finance Series, #608
  • Edition number: 1
  • Pages: 592
  • Sales rank: 695,271
  • Product dimensions: 6.30 (w) x 9.10 (h) x 2.00 (d)

Meet the Author

Viral V. Acharya is Professor of Finance at New YorkUniversity Stern School of Business.

Thomas F. Cooley is Dean Emeritus and the Paganelli-BullProfessor of Economics at New York University Stern School ofBusiness, as well as a Professor of Economics in the NYU Faculty ofArts and Science.

Matthew P. Richardson is the Charles E. Simon Professorof Applied Financial Economics at New York University Stern Schoolof Business.

Ingo Walter is the Seymour Milstein Professor of Finance,Corporate Governance and Ethics and Vice Dean of Faculty at NewYork University Stern School of Business.

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Table of Contents




The Dodd-Frank Wall Street Reform and Consumer Protection Act(Viral V. Acharya, Thomas Cooley, Matthew Richardson, RichardSylla, and Ingo Walter).

PART ONE: Financial Architecture.

CHAPTER 1: The Architecture of Financial Regulation (ThomasCooley and Ingo Walter).

CHAPTER 2: The Power of Central Banks and the Future of theFederal Reserve System (Thomas Cooley, Kermit Schoenholtz,George David Smith, Richard Sylla, and Paul Wachtel).

CHAPTER 3: Consumer Finance Protection (Thomas Cooley, XavierGabaix, Samuel Lee, Thomas Mertens, Vicki Morwitz, Shelle Santana,Anjolein Schmeits, Stijn Van Nieuwerburgh, and RobertWhitelaw).

PART TWO: Systemic Risk.

CHAPTER 4: Measuring Systemic Risk (Viral V. Acharya,Christian Brownlees, Robert Engle, Farhang Farazmand, and MatthewRichardson).

CHAPTER 5: Taxing Systemic Risk (Viral V. Acharya, LassePedersen, Thomas Philippon, and Matthew Richardson).

CHAPTER 6: Capital, Contingent Capital, and LiquidityRequirements (Viral V. Acharya, Nirupama Kulkarni, and MatthewRichardson).

CHAPTER 7: Large Banks and the Volcker Rule (MatthewRichardson, Roy C. Smith, and Ingo Walter).

CHAPTER 8: Resolution Authority (Viral V. Acharya, BarryAdler, Matthew Richardson, and Nouriel Roubini).

CHAPTER 9: Systemic Risk and the Regulation of InsuranceCompanies (Viral V. Acharya, John Biggs, Hanh Le, MatthewRichardson, and Stephen Ryan).

PART THREE: Shadow Banking.

CHAPTER 10: Money Market Funds: How to Avoid Breaking the Buck(Marcin Kacperczyk and Philipp Schnabl).

CHAPTER 11: The Repurchase Agreement (Repo) Market (Viral V.Acharya and T. Sabri Oncu).

CHAPTER 12: Hedge Funds, Mutual Funds, and ETFs (StephenBrown, Anthony Lynch, and Antti Petajisto).

CHAPTER 13: Regulating OTC Derivatives (Viral V. Acharya, OrShachar, and Marti Subrahmanyam0.

PART FOUR: Credit Markets.

CHAPTER 14: The Government-Sponsored Enterprises (Viral V.Acharya, T. Sabri Oncu, Matthew Richardson, Stijn Van Nieuwerburgh,and Lawrence J. White).

CHAPTER 15: Regulation of Rating Agencies (Edward I. Altman,T. Sabri Oncu, Matthew Richardson, Anjolein Schmeits, and LawrenceJ. White).

CHAPTER 16: Securitization Reform (Matthew Richardson, JoshuaRonen, and Marti Subrahmanyam).

PART FIVE: Corporate Control.

CHAPTER 17: Reforming Compensation and Corporate Governance(Jennifer Carpenter, Thomas Cooley, and Ingo Walter).

CHAPTER 18: Accounting and Financial Reform (Joshua Ronen andStephen Ryan).


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