Frank Dodd Act Summary and Important Things to Know Inside It
Do you ever hear about the Frank Dodd Act? Well, it is an important thing in the history of American financial. The Frank Dodd Act has an important role as the way to give better protection to the consumers and do the reformation. In this occasion, we will talk about some matters of Frank Dodd act summary.
Well, knowing the summary of Frank Dodd Act will make you know what this document telling about. I am sure that it will be nice for those who want to make a new investment in order to get the detail information that their investment can be protected well.
Highlight of the Legislation
Talking about the summary of Frank Dodd act, there are some highlights of the legislation that you need to know first. Some kinds of the highlights of legislation to know are:
- Consumer protection with independence and authority
This point tells about the independence watchdog. Here, with the authority, it will be able to ensure the American consumers to get the clear and accurate information that they need about the credit cards, mortgages and other kinds of the products of financial.
- Ends too big to fail bailouts
The second summary of the highlight inside Frank Dodd Act that you need to know is the ends too big to fail bailouts. This point tells that the tax-player will be asked to write the check in order to bail out the firms of financial. This matter has main purpose to create the safer way in liquidate the failed terms of financial.
- Advance warning system
This point inside the summary of Frank Dodd act is useful in order to create a council in order to identify and address the systemic risks posed by the complex companies, products, large and the activities before they try to stabilize the condition of economy.
- Transparency and accountability for exotic instrument
The Frank Dodd Act is nice in the new transparency and the accountability for the exotic instrument. This matter will be useful in order to decrease the risk inside and during the investment.
- Protect investors
The document tells about the way to protect the investors. It offers the new rules of the transparency in order to protect the investors from the risks and fail conditions.
Strong Consumers Financial Protection Watchdog
As we have said before, this document has a main purpose as the protector for the consumers. Well, the detail point telling about this situation are:
- Independent head – led by the independent leader that is appointed by the president and will be confirmed by the senate
- Independent budget – dedicated budget paid by the system of federal reserve
- Independent rule writing – this point will give access to autonomously write the rules for the protection of consumers
- Consumer protection – consolidate and strengthen the protection for consumers that will be handled by the office and the other relate components
Well, that is all about the Frank Dodd act summary. However, the points as above are only a brief of the detail document. To know the more details about it, you may do some researches to find the whole summary.
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