Sustainable Growth, Financial Stability and the Failure/Unconstitutionality of the Dodd-Frank Act (USA) (and Similar Statutes Such as the Pre-2020 European Union Sustainable Growth Regulations)

Michael I. C. Nwogugu ()

Chapter Chapter 2 in Geopolitical Risk, Sustainability and “Cross-Border Spillovers” in Emerging Markets, Volume II, 2021, pp 73-143 from Springer

Abstract: Abstract “Restoring American Financial Stability Act” of 2010 (RAFSA or the Dodd-Frank Act) was the first set of statutes in any country that attempted to simultaneously address the Global Financial Crisis, financial stability, systemic risk, consumer protection, sustainable growth, the national securities law framework, the structure of the executive branch of the federal government and delegation of powers to federal government agencies (to the detriment of state governments). However, RAFSA and similar statutes in many countries/jurisdictions are inefficient, and have failed to address the fundamental problems in financial systems; and parts of RAFSA are unconstitutional. In July 2010, the US Congress enacted the Restoring American Financial Stability Act of 2010 (RAFSA or the Dodd-Frank Act), which consists of several individual distinct statutes and substantially changes the nature and effects of federalism and pre-emption in the United States—RAFSA grants more powers to the US federal government to regulate more financial services, but because the statute leaves critical details up to the US SEC and the US Federal Reserve System, sections of RAFSA may be challenged in court on constitutional grounds as void for vagueness.

Date: 2021
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DOI: 10.1007/978-3-030-71419-2_2

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