This is neither a pretty or particularly clear picture. Which is why a compact book, really an extended essay, recently published by University of Pennsylvania law professor and bankruptcy specialist David Skeel, the author of the seminal Debt's Dominion, is essential reading. Skeel's The New Financial Deal: Understanding the Dodd-Frank Act and its (Unintended) Consequences steps back and takes an intelligent look at Dodd-Frank in its entirety, pointing out its strengths and weaknesses and offering suggestions for improvements. Perhaps more importantly, Skeel, who constructs a deceptively complex argument that informed laymen can easily get through, provides a way of thinking about the legislation that gives it a coherence that I, frankly, thought it lacked. This is an important contribution, not only to weighing the reforms themselves, but in making some sense of the larger crisis.
After explaining these components of the new legislation and how they will work - as well as the new Consumer Financial Protection Bureau - The New Financial Deal concludes with several simple bankruptcy reforms that would curb the excesses of the new government-bank partnership, as well as ways to address international dimensions of the new financial order that are largely neglected by the Dodd-Frank Act.
The New Financial Deal: Understanding the Dodd-Frank Act and Its (Unintended ...
No preview available - 2010
To understand what American financial life is likely to looklike in five, ten, or twenty years, and how regulators will respondto the next crisis, we need to understand Dodd-Frank. The NewFinancial Deal provides that understanding, breaking down both whatDodd-Frank says and what it all means.
To understand what American financial life is likely to look like in five, ten, or twenty years, and how regulators will respond to the next crisis, we need to understand Dodd-Frank. The New Financial Deal provides that understanding, breaking down both what Dodd-Frank says and what it all means.