Laws that impact businesses

(Selected federal and state legislation affecting business this year and next)

FEDERAL LAWS

HR 4173 – Dodd-Frank Wall Street Reform and Consumer Protection Act. Effective July 21, 2010, this is intended to provide financial regulatory reform to protect consumers and investors, to enhance federal understanding of insurance issues, to regulate the over-the-counter derivatives markets and for other purposes.

It directs the Comptroller General to audit and report to Congress within two years after enactment of this act on all actions taken by the Board of Governors of the Federal Reserve System and the Federal Reserve banks during the current economic crisis.

It establishes the Financial Services Oversight Council, consisting of the heads of specified federal financial regulatory bodies and chaired by the Secretary of the Treasury.

The council is also required to monitor the financial services marketplace to identify potential threats to the stability of the U.S. financial system, to subject financial companies and activities to stricter prudential standards, to recommend that a member council agency adopt stricter prudential standards for the firms it regulates in order to mitigate systemic risk and to resolve, upon request, a jurisdictional dispute between member council agencies.


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