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16 March 2010

Dodd’s bill: Restoring American Financial Stability Act




This bill has 11 titles band the following points were defined as critical by Senator Dodds:
 
1)      It will end bailouts, ensuring that failing firms can be shut down without relying on taxpayer bailouts or threatening the stability of our economy.
 
2)      It will create an advance warning system in the economy, so that there is always someone responsible looking out for the next big problem.
 
3)      It will ensure that all financial practices are exposed to the sunlight of transparency, so that exotic instruments like hedge funds and derivatives don’t lurk in the shadows and businesses can compete on a level playing field.
 
4)      It will protect consumers from unsafe financial products, such as the subprime mortgages that led to the financial crisis.
 
5)     It will restore our financial security so that our economy can create jobs and offer middle class families a chance to build wealth.
 
Summary (Davis Polk)




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