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From Riski

Riski is a open source project to draw together many resources which relate to the regulation of financial markets by the 111th Congress as a result of the worst "global financial crisis" in 80 years. Index of topic pages here.

Contents 1 Systemic lawmaking 2 Current legislation 2.1 Finalized conference text 2.2 Senate 2.2.1 Commentary 2.2.2 Legislative documents 2.3 House 2.4 House versus Senate 3 Congressional oversight 4 Regulatory rulewriting 5 Riski's purpose

Systemic lawmaking

Congress is writing new law on many issues related to the financial markets.

Important topics -

• Bank tax
• Break up banks
• Consumer Financial Protection Agency
• Council of Regulators
• Credit rating agencies
• Derivatives and derivatives concentration
• Glass Steagall
• Proprietary trading
• Reform of the Federal Reserve
• Resolution authority
• Securitization
• Systemic regulator
• Tobin tax
• Too Big to Fail
• Volcker plan

See more topics in systemic lawmaking.

Current legislation

Finalized conference text

On June 25, 2010 the Conference Committee completed the merger of the House and Senate versions of the Wall Street Reform Act.

On July 15, 2010 the final Conference text was approved by a vote of the Senate.

On July 21, 2010 President Obama signed the legislation into law.

• ---A ten page summary of the Dodd-Frank reform act House Financial Services Committee
• ---The full text of the Dodd-Frank act House Financial Services Committee
• ---Final text of Wall Street reform bill as posted by U.S. Congress Reuters

Senate

Commentary

• ---Senate draft commentary - law firms, media, academics and bloggers on the proposed law

Legislative documents

• ---S.3217 - Restoring American Financial Stability Act of 2010 Senator Dodd's bill
  • ---Merged Dodd and Lincoln legislation
  • ---Senator Dodd's legislation filed with the Senate clerk on April 16
  • ---Manager's amendment & Senator Dodd's March draft party line vote of 13-10 (March 22)
  • ---Video of the Senate Banking Committee markup hearing C-Span.org (March 22)
  • ---Summary analysis of amendments to the March draft Davis Polk (March 23)
  • ---Spreadsheet of amendments to the March draft - downloadable (March 22)
  • ---Summary of the March draft Senate Banking Committee (March 15)
• ---'Wall Street Transparency and Accountability Act of 2010' Senator Blanche Lincoln's derivatives legislation (April 20)
  • ---One page summary The Wall Street Transparency and Accountability Act of 2010 Senate Agriculture Comm (April 21)
  • ---Four page summary of the Wall Street Transparency and Accountability Act of 2010 Shearman & Sterling (April 23)
• ---Republican Financial Regulation Counter-Proposal (April 27)

House

The Wall Street Reform and Consumer Protection Act of 2009 passed the House on Dec 11 by 223-202.

• H.R. 4173 -- OpenCongress version of legislation
• H.R. 4173 -- House Vote 968 - On Passage New York Times voting data
• H.R. 4173 -- Wall Street Reform and Consumer Protection Act approved text from the House Financial Services Committee
• H.R. 4173 -- amendments accepted by the Rules Committee for floor votes
• H.R. 4173 -- all amendments search by sponsor name

House versus Senate

• H.R. 4173, Wall Street Reform and Consumer Protection Act of 2009 summaries House Financial Services Comm.
• New York Times comparison of the March (2010) Senate version and House bill (H.R. 4173).
• Reuters summary of 20 differences between the November (2009) Senate version and House version.
• See more at current legislation.

Congressional oversight

The House of Representatives Oversight and Reform Committee, the GAO, the Congressional Oversight Panel and SIGTARP are undertaking reviews and investigation of some the events of the financial crisis and the use of public funds in the bailout.

See oversight efforts for AIG, Financial Crisis Inquiry Commission, Goldman Sachs, high frequency trading, Lehman and repo.

See more topics in Congressional oversight.

Regulatory rulewriting

Upon final passage Congress will be tasking 11 regulators to make 243 rulemakings, 67 studies and 22 new periodic reports under the Dodd-Frank Act.

The SEC itself will be required to conduct 95 of those rulemakings, 17 studies and 5 new periodic reports.

Useful chart about rulemakings on page 3 of Davis Polk summary of the Act.

To follow agency rulemaking under the Dodd-Frank Act consider using the excellent site Openregs.com.

Riski's purpose

Fair, stable and transparent financial markets and system are cornerstones for democracy. The credit crisis of 2007-2009 has highlighted the need to reform the regulation of our financial system to reduce systemic risk and more effectively protect investors. The authority and reach of our financial regulators is being revamped. And our nation's relation to politically empowered global agencies is being revised.

Confidence and trust in the financial system, by the people, can be developed by opening the lawmaking process to input and scrutiny.

Riski was developed as an open platform for legislators, market participants, financial technology experts, regulators, lobbyists, academics and the media to contribute to a body of knowledge about these important topics.

We recognize that various parties have points of view which may conflict and believe that exposing information to "sunlight" and public exposure will help bring common interests to the surface.

We encourage you to add or edit content on this site if you are knowledgeable.

Please include citations and/or references for all content where possible.

Riski is a project of Freerisk and Open Finance Hackers

For further information please contact Cate Long