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Deregulating Wall Street

Matthew Richardson (), Kermit Schoenholtz and Lawrence J. White
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Matthew Richardson: Department of Finance, Stern School of Business, New York University, New York, NY 10012, USA
Lawrence J. White: Department of Economics, Stern School of Business, New York University, New York, NY 10012, USA

Annual Review of Financial Economics, 2018, vol. 10, issue 1, 199-217

Abstract: We argue that implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act has contributed significantly to the reduction of systemic risk in the United States. However, Dodd-Frank also introduced burdensome rules that have little to do with systemic risk. This article evaluates the trade-off between capital regulation and regulation of scope in the context of Dodd-Frank, with a particular emphasis on the Volcker Rule. Recent regulatory reforms aimed at rolling back Dodd-Frank are evaluated and discussed.

Keywords: Dodd-Frank Act; CHOICE Act; Economic Growth Regulatory Relief and Consumer Protection Act; prudential regulation; capital requirements; Volcker Rule (search for similar items in EconPapers)
Date: 2018
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