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Research Handbook on Crisis Management in the Banking Sector

Research Handbook on Crisis Management in the Banking Sector

Research Handbooks in Financial Law series

Edited by Matthias Haentjens and Bob Wessels

In this timely Handbook, over 30 prominent academics, practitioners and regulators from across the globe provide in-depth insights into an area of law that the recent global financial crisis has placed in the spotlight: bank insolvency law.

Chapter 23: United States

Donald Bernstein and Reena Agrawal Sahni

Subjects: economics and finance, financial economics and regulation, money and banking, law - academic, company and insolvency law, finance and banking law


The global financial crisis in 2008 precipitated an avalanche of activity and changes in US banking regulation. In that year, the United States Congress, the President and the regulators sought to turn back the tide of the financial crisis by using long-dormant tools and devising creative new programs to stabilize the financial system and restore liquidity to financial markets. Once the crisis was contained, the authorities proposed legislative and regulatory changes with the avowed purpose of preventing a future financial crisis. On 21 July 2010, President Obama signed the Dodd–Frank Wall Street Reform and Consumer Protection Act (‘the Dodd–Frank Act’ or ‘the Act’) into law. The Dodd–Frank Act is the most significant overhaul of US financial regulation since the 1930s. The Dodd–Frank Act fundamentally changes the shape and scope of existing regulation and adds new regulation in a wide range of areas, including systemic risk oversight, derivatives, hedge funds, investor protection, credit rating agencies, consumer financial protection, and securitization, to name a few. In many areas, however, the legislation created only a general framework, leaving the key issues to be resolved by implementing regulations. The Act contains 400 new federal rule-making requirements, many of which are now in process, but most of which, particularly in the area of bank regulation, will take some time to implement. As a result of the financial crisis, there is heightened interest around the world in the powers available to resolve financial firms.

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