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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 and 112th Congress as a result of the worst "global financial crisis" in 80 years. Index of topic pages here.

Contents 1 Systemic lawmaking 2 Regulatory rulewriting 3 Financial reform legislation 4 Congressional oversight 5 Riski's purpose

Systemic lawmaking

Congress has written new law on many issues related to the financial system and markets.

Important topics -

• Break up banks
• Consumer Financial Protection Agency
• Credit rating agencies
• Derivatives and derivatives concentration
• Financial Stability Oversight Council
• Municipal securities
• Proprietary trading
• Reform of the Federal Reserve
• Resolution authority
• Securitization
• Too Big to Fail
• Volcker plan

See more topics in systemic lawmaking.

• Bank tax
• Basel 3
• Break up banks
• High frequency trading
• Liquidity
• MERS
• Mortgage modification
• Municipal securities
• Quantitative easing
• Tobin tax
• XBRL

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.

• Outline of the Act on page 3 of this Davis Polk summary
• Open source Federal agency rulemaking portal
• Dodd-Frank Wall Street Reform and Consumer Protection Act implementation visualization Deloitte

• Securities and Exchange Commission is required to conduct 95 rulemakings, 17 studies and 5 new periodic reports.

• • Overview of SEC efforts on Dodd-Frank
  • Planned SEC October - December 2010 rulemaking

Financial reform 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.

• ---The full text of the Dodd-Frank Act SEC website

Senate texts

• ---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 texts

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 Financial Crisis Inquiry Commission, the GAO, the Congressional Oversight Panel and SIGTARP have undertaken reviews and investigation of the financial crisis and the use of public funds in the bailout.

See oversight efforts for AIG, Goldman Sachs, high frequency trading, Lehman and repo.

See more topics in Congressional oversight.

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 hosted by Freerisk.

For further information please contact Cate Long