TITLE:
The Historical Dimension of the US Dodd-Frank Bill and its Implications to the Financial Governance Reform in Emerging Markets
AUTHORS:
Wenzhong Zhu, Shen Rui
KEYWORDS:
Dodd-Frank Bill; Historical Dimension; Implication; Governance; Emerging Market
JOURNAL NAME:
iBusiness,
Vol.5 No.3B,
November
8,
2013
ABSTRACT: After about three years of the
sub-prime mortgage crisis, the American Congress passed its new financial
supervision bill on July 15, 2010, which is called Dodd-Frank Wall Street
Reform and Consumer Protection Act. This act was then singed to be in effect by
President Obama on July 21. This act is named as the most serious financial supervision act passed
ever since the Great Depression in 1933. This paper systematically reviews and
analyzes the background, major content, effect, and historical dimension of the
bill, and on this basis, it presents some implications to the financial governance
reform in emerging markets, such as the maintenance of a proper level of
financial deregulation, the
protection of interests of financial product consumers, the cultivation of ethical value and
social responsibility of financial executives or government leaders, etc.