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Table of Contents
FINANCIAL REGULATORY REFORM
Financial Crisis Losses and Potential Impacts of the Dodd-Frank Act
Contents
Background
U.S. Financial Regulatory Framework
Banking Regulators
Securities and Futures Regulators
Consumer Financial Protection Bureau
Federal Housing Finance Agency
Federal Insurance Office
Financial Stability Oversight Council and Office of Financial Research
Financial Crises
2007-2009 Financial Crisis Was Associated with Large Economic Losses and Increases in Government Debt
Studies Generally Find That the Recent Crisis Was Associated with Large Losses in Economic Output, but Estimates of Such Losses Vary and Depend on Several Assumptions
2007-2009 Crisis Was Also Associated with Large Declines in Employment, Household Wealth, and Other Economic Indicators
Unemployment
Household Wealth and Asset Prices
Foreclosures
Federal, State, and Local Governments Have Faced Increased Fiscal Challenges Since the Start of the 2007-2009 Financial Crisis
Federal Government’s Fiscal Challenges
State and Local Governments
The Dodd-Frank Act May Enhance Financial Stability and Provide Other Benefits, with the Extent of the Benefits Depending on a Number of Factors
Several Dodd-Frank Provisions May Help Reduce the Probability or Severity of a Future Crisis, but Uncertainty Exists about Their Effectiveness
Creation of FSOC and OFR to Monitor and Address Threats to Financial Stability
Heightened Capital and Other Prudential Standards for SIFIs
Orderly Liquidation Authority
Regulation of Swaps
Mortgage-Related and Other Reforms That Could Enhance Financial Stability
Other Dodd-Frank Provisions May Lead to Additional Consumer and Investor Benefits
Quantifying Potential Benefits Is Difficult, but Some Approaches May Provide Useful Insights
Significance of the Act’s Costs Is Not Fully Known
Resources Devoted to the Dodd-Frank Act’s Implementation Vary Widely across Federal Agencies
The Act Imposes Costs on the Financial Services Industry but Limited Data Exist on the Magnitude of the Costs
Regulatory Compliance and Other Costs
Limitations or Restrictions on Business Activities
While the Dodd-Frank Act Could Impose Costs on the Economy, Quantifying Such Costs Is Difficult
The Potential for Unintended Consequences Adds to Challenges of Assessing Benefits and Costs
Agency Comments
Appendix I: Objectives, Scope, and Methodology
Appendix II: International Financial Reform Efforts
Appendix III: Experts Participating in the GAO Roundtable on the Benefits and Costs of the Dodd-Frank Act
Appendix IV: GAO Contact and Staff Acknowledgments
Bibliography
Related GAO Products