Date of Award
Master of Arts (MA)
Tamura , Robert
Hanssen , Andrew
The financial crisis of 2008-2009 set the globally economy into a free-fall, requiring massive government intervention in order to prevent the entire system from crashing down. The Dodd-Frank Act, the largest financial reform since the Great Depression, attempts to move the financial system towards a more stable foundation. Part 1 discusses the causes of the financial crisis and an overview of the Dodd-Frank Act. In part 2 explores the reform in the over-the-counter derivatives market with a focus on the impact to market participants, the impact on the systemic risk of the financial system, as well as the overall U.S. economy. Part 3 analyzes the remittance transfer rule, which also carries the theme of transparency within the cross-border payments space. However, the requirements of the rule will likely result in increased costs and/or decreased choice for U.S. consumers sending money abroad. In general, the Act does move the financial system towards a more stable foundation in some areas. It does not however fully address the drivers of the financial crisis, end 'Too Big To Fail', or prevent another crisis from happening again. Along the way it creates some unintended consequences that may hamper the economic recovery.
Burns, Gregory, "Dodd-Frank and the Future of Banking" (2013). All Theses. 1581.