dodd-frank act readings collection

7/29/2019 Dodd-Frank Act readings collection

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The DoddFrank Wall Street Reform and Consumer Protection Act(Pub.L. 111-203,H.R.

4173) is afederal statutein theUnited Statesthat was signed into law byPresidentBarack

Obamaon July 21, 2010.[1]The Act implementsfinancial regulatory reformsponsored by

theDemocraticallycontrolled111th United States Congressand theObama administration.

Passed as a response to thelate-2000s recession, the Act brought the most significant changestofinancial regulationin the United States since the regulatory reform that followed theGreat

Depression,[2][3][4]representing a significant change in the American financial regulatory

environment affecting all Federal financial regulatory agencies and almost every aspect of the

nation's financial servicesindustry.[5][6]As with other major financial reforms, some legal and

financial scholars on both sides of the political spectrum have criticized the law, arguing on the

one hand that the reforms were insufficient to prevent another financial crisis or additional "bail

outs" of financial institutions, and on the other hand that the reforms went too far and would

unduly restrict the ability of banks and other financial institutions to make loans.[7]

In addition to the headline regulatory changes coveringcapital investmentby banks

andinsurancecompanies, the Act introduces new regulation of hedge funds, alters the

definition of accredited investors, requires reporting by all public companies on CEO to median

employee pay ratios and other compensation data, enforces equitable access to credit for

consumers, and provides incentives to promote banking among low- and medium-income

residents.

The law was initially proposed by the Obama Administration in June 2009, when the White

House sent a series of proposed bills to Congress. A version of the legislation was introduced in

the House in July 2009. On December 2, 2009, revised versions were introduced in theHouse

of RepresentativesbyBarney Frank, and in theSenate Banking Committeeby ChairmanChris

Dodd. Due to their involvement with the bill, the conference committee that reported on June 25,

2010,[1]voted to name the bill after the two members of Congress.[8]

[edit]Origins and proposal
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%E2%80%93Frank_Wall_Street_Reform_and_Consumer_Protection_Act#cite_note-actions-0http://en.wikipedia.org/wiki/Dodd%E2%80%93Frank_Wall_Street_Reform_and_Consumer_Protection_Act#cite_note-actions-0http://en.wikipedia.org/wiki/Dodd%E2%80%93Frank_Wall_Street_Reform_and_Consumer_Protection_Act#cite_note-actions-0http://en.wikipedia.org/wiki/Dodd%E2%80%93Frank_Wall_Street_Reform_and_Consumer_Protection_Act#cite_note-7http://en.wikipedia.org/wiki/Dodd%E2%80%93Frank_Wall_Street_Reform_and_Consumer_Protection_Act#cite_note-7http://en.wikipedia.org/wiki/Dodd%E2%80%93Frank_Wall_Street_Reform_and_Consumer_Protection_Act#cite_note-7http://en.wikipedia.org/w/index.php?title=Dodd%E2%80%93Frank_Wall_Street_Reform_and_Consumer_Protection_Act&action=edit&section=1http://en.wikipedia.org/w/index.php?title=Dodd%E2%80%93Frank_Wall_Street_Reform_and_Consumer_Protection_Act&action=edit&section=1http://en.wikipedia.org/w/index.php?title=Dodd%E2%80%93Frank_Wall_Street_Reform_and_Consumer_Protection_Act&action=edit&section=1http://en.wikipedia.org/wiki/File:NYUGDPFinancialShare.jpghttp://en.wikipedia.org/wiki/File:NYUGDPFinancialShare.jpghttp://en.wikipedia.org/wiki/File:NYUGDPFinancialShare.jpghttp://en.wikipedia.org/wiki/File:NYUGDPFinancialShare.jpghttp://en.wikipedia.org/w/index.php?title=Dodd%E2%80%93Frank_Wall_Street_Reform_and_Consumer_Protection_Act&action=edit&section=1http://en.wikipedia.org/wiki/Dodd%E2%80%93Frank_Wall_Street_Reform_and_Consumer_Protection_Act#cite_note-7http://en.wikipedia.org/wiki/Dodd%E2%80%93Frank_Wall_Street_Reform_and_Consumer_Protection_Act#cite_note-actions-0http://en.wikipedia.org/wiki/Chris_Doddhttp://en.wikipedia.org/wiki/Chris_Doddhttp://en.wikipedia.org/wiki/United_States_Senate_Committee_on_Banking,_Housing,_and_Urban_Affairshttp://en.wikipedia.org/wiki/Barney_Frankhttp://en.wikipedia.org/wiki/U.S._House_of_Representativeshttp://en.wikipedia.org/wiki/U.S._House_of_Representativeshttp://en.wikipedia.org/wiki/Dodd%E2%80%93Frank_Wall_Street_Reform_and_Consumer_Protection_Acthttp://en.wikipedia.org/wiki/Capital_investmenthttp://en.wikipedia.org/wiki/Dodd%E2%80%93Frank_Wall_Street_Reform_and_Consumer_Protection_Act#cite_note-Simkovic_Competition-6http://en.wikipedia.org/wiki/Dodd%E2%80%93Frank_Wall_Street_Reform_and_Consumer_Protection_Act#cite_note-4http://en.wikipedia.org/wiki/Dodd%E2%80%93Frank_Wall_Street_Reform_and_Consumer_Protection_Act#cite_note-4http://en.wikipedia.org/wiki/Dodd%E2%80%93Frank_Wall_Street_Reform_and_Consumer_Protection_Acthttp://en.wikipedia.org/wiki/Dodd%E2%80%93Frank_Wall_Street_Reform_and_Consumer_Protection_Act#cite_note-3http://en.wikipedia.org/wiki/Dodd%E2%80%93Frank_Wall_Street_Reform_and_Consumer_Protection_Act#cite_note-1http://en.wikipedia.org/wiki/Dodd%E2%80%93Frank_Wall_Street_Reform_and_Consumer_Protection_Act#cite_note-1http://en.wikipedia.org/wiki/Great_Depressionhttp://en.wikipedia.org/wiki/Great_Depressionhttp://en.wikipedia.org/wiki/Financial_regulationhttp://en.wikipedia.org/wiki/Late-2000s_recessionhttp://en.wikipedia.org/wiki/Obama_administrationhttp://en.wikipedia.org/wiki/111th_United_States_Congresshttp://en.wikipedia.org/wiki/Democratic_Party_(United_States)http://en.wikipedia.org/wiki/Wall_Street_reformhttp://en.wikipedia.org/wiki/Dodd%E2%80%93Frank_Wall_Street_Reform_and_Consumer_Protection_Act#cite_note-actions-0http://en.wikipedia.org/wiki/Barack_Obamahttp://en.wikipedia.org/wiki/Barack_Obamahttp://en.wikipedia.org/wiki/President_of_the_United_Stateshttp://en.wikipedia.org/wiki/United_Stateshttp://en.wikipedia.org/wiki/Law_of_the_United_States#Federal_lawhttp://hdl.loc.gov/loc.uscongress/legislation.111hr4173http://hdl.loc.gov/loc.uscongress/legislation.111hr4173http://www.gpo.gov/fdsys/pkg/PLAW-111publ203/content-detail.html


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Share inGDPof U.S. financial sector since 1860[9]

Thefinancial crisis of 20072010led to widespread calls for changes in the regulatory

system.[10]In June 2009, President Obama introduced a proposal for a "sweeping overhaul of

the United States financial regulatory system, a transformation on a scale not seen since the

reforms that followed the Great Depression."[11]

As the finalized bill emerged from conference, President Obama stated that the bill included 90

percent of the proposals.[12]Major components of Obama's original proposal, listed by order in

which they appear in the "A New Foundation" outline,[11]include:

1. The consolidation of regulatory agencies, elimination of the national thrift charter, and

new oversight council to evaluate systemic risk;

2. Comprehensive regulation of financial markets, including increased transparency of

derivatives (bringing them ontoexchanges);

3. Consumer protection reforms including a new consumer protection agency and uniformstandards for "plain vanilla" products as well as strengthened investor protection;

4. Tools for financial crises, including a "resolution regime" complementing the

existingFederal Deposit Insurance Corporation(FDIC) authority to allow for orderly

winding down of bankrupt firms, and including a proposal that the Federal Reserve (the

"Fed") receive authorization from the Treasury for extensions of credit in "unusual or

exigent circumstances";

5. Various measures aimed at increasing international standards and cooperation including

proposals related to improved accounting and tightened regulation ofcredit rating

agencies.

At Obama's request, congress later added theVolcker Ruleto this proposal in January 2010.[13]

[edit]Legislative response and passage

PresidentBarack Obamameeting with Rep.Barney Frank, Sen.Dick Durbin, and Sen.Chris Dodd, at theWhite

Houseprior to a financial regulatory reform announcement on June 17, 2009.

The bills that came after Obama's proposal were largely consistent with the proposal, but

contained some additional provisions and differences in implementation.[14]

TheVolcker Rulewas not included in Obama's initial June 2009 proposal, but Obama proposed

the rule[13]later in January 2010, after the House bill had passed. The rule, which prohibits

depository banks fromproprietary trading(similar to the prohibition of combined investment and

commercial banking in the GlassSteagall Act[15]) was passed only in the Senate bill,[14]and the

conference committee enacted the rule in a weakened form, Section 619 of the bill, that allowed
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banks to invest up to 3% of their Tier 1 capital in private equity and hedge funds[16]as well as

trade for hedging purposes.

The initial version of the bill passed the House along party lines in December by a vote of 223-

202,[1]and passed the Senate with amendments in May 2010 with a vote of 59-39[1]once again

along party lines.[1]

The bill then moved toconference committee, where the Senate bill wasused as the base text[17]although a few House provisions were included in the bill's base text.[18]

One provision on which the White House did not take a position[19]and remained in the final

bill[19]allows the SEC to rule on "proxy access" meaning that qualifying shareholders,

including groups, can modify the corporateproxy statementsent to shareholders to include their

own director nominees, with the rules set by the SEC. This rule was unsuccessfully challenged

in conference committee by Chris Dodd, who under pressure from the White House [20]

submitted an amendment limiting that access and ability to nominate directors only to single

shareholders who have over 5% of the company and have held the stock for at least two

years.

[19]

The "Durbin Amendment"[21]is a provision in the final bill aimed at debit cardinterchange

feesand increasing competition in payment processing. The provision was not in the House

bill;[14]it began as an amendment to the Senate bill from Dick Durbin[22]and led to lobbying

against it.[23]The law applies to banks with over $10 billion in assets, and these banks would

have to charge debit card interchange fees that are "reasonable and proportional to the actual

cost"[24]of processing the transaction. The bill aimed to restrict anti-competitive practices and

encourage competition, and included provisions which allow retailers to refuse to use cards for

small purchases and offer incentives for using cash or another type of card.[14]

The Durbin Amendment also gave the Federal Reserve the power to regulate debit cardinterchange fees, and on December 16, 2010 the Fed proposed a maximum interchange fee of

12 cents per debit card transaction,[25]whichCardHub.comestimated would cost large banks

$14 billion annually.[26]On June 29, 2011, the Fed issued its final rule, which holds that the

maximum interchange fee an issuer can receive from a single debit card transaction is 21 cents

plus 5basis pointsmultiplied by the amount of the transaction.[27]This rule also allows issuers to

raise their interchange fees by as much as one cent if they implement certain fraud-prevention

measures.[27]An issuer eligible for this adjustment, could therefore receive an interchange fee of

as much as 24 cents for the average debit card transaction (valued at $38),[27]according to the

Federal Reserve. This cap which will take effect on October 1, 2011 rather than July 21,

2011 as was previously announced will reduce fees roughly $9.4 billion annually, according

toCardHub.com.[26]As a result of the government limiting their revenue from interchange fees,

banks made plans to raise account maintenance fees to compensate.[28]

The New York Times published a comparison of the two bills prior to their reconciliation.[29]On

June 25, 2010, conferees finished reconciling the House and Senate versions of the bills and

four days later filed a conference report.[1][30]The conference committee changed the name of
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the Act from the "Restoring American Financial Stability Act of 2010." The House passed the

conference report, 237192 on June 30, 2010.[31]On July 15, the Senate passed the Act, 60

39.[32][33]President Obama signed the bill into law on July 21, 2010.[34]

[edit]Overview

Ben Bernanke(lower-right), Chairman of theFederal Reserve Board of Governors, at aHouse Financial Services

Committeehearing on February 10, 2009.

President Barack Obama addresses reporters about the economy and the need for financial reform in the Diplomatic

Reception Roomof theWhite Houseon February 25, 2009.

The Act is categorized into sixteen titles and by one law firm's count, it requires that regulators

create 243 rules, conduct 67 studies, and issue 22 periodic reports.[35]The stated aim of the

legislation is:

To promote the financial stability of the United States by improving accountability and

transparency in the financial system, to end "too big to fail", to protect the American taxpayer by

ending bailouts, to protect consumers from abusive financial services practices, and for other

purposes.[36]

The Act changes the existing regulatory structure, such as creating a host of new agencies

(while merging and removing others) in an effort to streamline the regulatory process, increasing

oversight of specific institutions regarded as a systemic risk, amending theFederal Reserve Act,

promoting transparency, and additional changes. The Act purports to provide rigorous standards

and supervision to protect the economy and American consumers, investors and businesses,

purports to end taxpayer funded bailouts of financial institutions, claims to provide for an

advanced warning system on the stability of the economy, creates rules on executive

compensation and corporate governance, and eliminates some loopholes that led to the 2008

economic recession.[37]The new agencies are either granted explicit power over a particular

aspect of financial regulation, or that power is transferred from an existing agency. All of the

new agencies, and some existing ones that are not currently required to do so, are alsocompelled to report to Congress on an annual (or biannual) basis, to present the results of

current plans and to explain future goals. Important new agencies created includeFinancial

Stability Oversight Council, theOffice of Financial Research, and theBureau of Consumer

Financial Protection.

Of the existing agencies, changes are proposed ranging from new powers to the transfer of

powers in an effort to enhance the regulatory system. The institutions affected by these changes
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include most of the regulatory agencies currently involved in monitoring the financial system

(Federal Deposit Insurance Corporation(FDIC),U.S. Securities and Exchange

Commission(SEC), Comptroller,Federal Reserve(the "Fed"), theSecurities Investor Protection

Corporation(SIPC), etc.), and the final elimination of theOffice of Thrift Supervision(further

described inTitle III Transfer of Powers to the Comptroller, the FDIC, and the FED).

As a practical matter, prior to the passage of the DoddFrank Act, investment advisers were not

required to register with the SEC if the investment adviser had fewer than 15 clients during the

previous 12 months and did not hold itself out generally to the public as an investment adviser.

The DoddFrank Act eliminates that exemption, thereby rendering numerous additional

investment advisers, hedge funds, and private equity firms subject to new registration

requirements.[38]

Certainnon-bank financial institutionsand their subsidiaries will be supervised by the Fed[39]in

the same manner and to the same extent as if they were a bank holding company.[40]

To the extent that the Act impacts all Federal financial regulatory agencies, eliminating one(theOffice of Thrift Supervision) and creating two (Financial Stability Oversight Council and the

Office of Financial Research) in addition to several consumer protection agencies, including the

Bureau of Consumer Financial Protection, this legislation in many ways represents a change in

the way Americas financial markets will operate in the future. Few provisions of the Act became

effective when the bill was signed.[41]Only over the next 18 months as various regulatory

agencies write rules that implement various sections of the Act, will the full importance and

significance of the Act be known.[41]

[edit]Provisions

[edit]Title I Financial Stability

Title I outlines two new agencies tasked with monitoringsystemic riskand researching the state

of the economy and clarifies the comprehensive supervision ofbank holding companiesby the

Federal Reserve. Title I creates theFinancial Stability Oversight Counciland theOffice of

Financial Research. The two new offices are attached to the Treasury Department, with the

Treasury Secretary being Chair of the Council, and the Head of the Financial Research Office

being a Presidential appointment with Senate confirmation. The Financial Stability Oversight

Council is charged with identifying threats to the financial stability of the United States,

promotingmarket discipline, and responding to emerging risks to the stability of the United

States financial system. At a minimum, it must meet quarterly. Specifically, there are three

purposes assigned to the Council:[42]

1. identify the risks to the financial stability of the United States from both financial and non-

financial organizations

2. promote market discipline, by eliminating expectations that the Government will shield

them from losses in the event of failure
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3. respond to emerging threats to the stability of the US financial system

Duties

In the course of pursuing its goal (in its entirety), the Council has several duties enumerated to it

that can broadly be described as anything required to:

1. enhance the integrity, efficiency, competitiveness, and stability of United States financial

markets

2. promote market discipline

3. maintain investor confidence

More specifically, the Council must collate data (received from affiliated agencies, and optionally

from the companies themselves) to assess risks to the financial system, monitor the financial

services marketplace, make general regulatory recommendations to affiliated agencies

reflecting a broader consensus, and it may also compel the Federal Reserve to assume an

oversight position of certain institutions considered to pose a systemic risk. The Council mustmonitor domestic and international regulatory proposals and developments, and advise

Congress in these areas. The Council and the associatedOffice of Financial Researchare

charged to facilitate information sharing and coordination among the member agencies and

other Federal and State agencies regarding domestic financial services policy development,

rule-making, examinations, reporting requirements, and enforcement actions.[43]

Membership

The Financial Stability Oversight Council has ten voting members:[44]

1. Secretary of the Treasury(chairs the Council)

2. Chairman of the Federal Reserve

3. Comptroller of the Currency

4. Director of theBureau of Consumer Financial Protection

5. Chairperson of theU.S. Securities and Exchange Commission

6. Chairperson of theFederal Deposit Insurance Corporation

7. Chairperson of theCommodity Futures Trading Commission

8. Director of theFederal Housing Finance Agency

9. the Chairman of theNational Credit Union Administration Board

10. an independent member (with insurance expertise), appointed by the President, withtheadvice and consentof the Senate, for a term of 6 years.

There are five non-voting advisory members who may go into the equivalent ofexecutive

sessionwhen discussing confidential supervisory information:

1. Director of theOffice of Financial Research(part of the Treasury Department

andestablished in this Act) who is the Council's executive director
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2. Director of theFederal Insurance Office(part of the Treasury Department

andestablished in this Act)

3. a state insurance commissioner, to be designated by a selection process determined by

the state insurance commissioners (2-year term)

4. a state banking supervisor, to be designated by a selection process determined by thestate banking supervisors (2-year term)

5. a state securities commissioner (or officer performing like function) to be designated by a

selection process determined by such state security commissioners (2-year term)

Resources

TheFederal Advisory Committee Act, which limits the powers of advisory committees, does not

apply to the council. The council has an almost unlimited budget in that the Council may draw

on virtually any resource of any department or agency of the Federal government. Any

employee of the Federal government may be detailed to the Council without reimbursement and

without interruption or loss of civil service status or privilege. Any member of the Council who is

an employee of the Federal Government serves without additional compensation. In addition,

"An employee of the Federal Government detailed to the Council shall report to and be subject

to oversight by the Council during the assignment to the Council, and shall be compensated by

the department or agency from which the employee was detailed."[45]Additionally, "Any

expenses of the Council shall be treated as expenses of, and paid by, the Office of Financial

Research".[46]

Authority

The Council has very broad powers to monitor, investigate and assess any risks to the US

financial system. The Council has the authority to collect information from any State or Federal

financial regulatory agency, and may direct theOffice of Financial Research, which supports the

work of the Council, "to collect information from bank holding companies and nonbank financial

companies".[47]The Council monitors domestic and international regulatory proposals, including

insurance and accounting issues, and advises Congress and the Federal Reserve on ways to

enhance the integrity, efficiency, competitiveness and stability of the US financial markets. On a

regular basis, the Council is required to make a report to Congress describing the state of the

US Financial System. Each voting member of the Council is required to either affirm that the

Federal Government is taking all reasonable steps to assure financial stability and mitigate

systemic risk, or describe additional steps that need to be taken.[48]Under specific

circumstances, the Chairman of the Council (who is also the Secretary of the Treasury), with theconcurrence of 2/3 voting members, may place nonbank financial companies or domestic

subsidiaries of international banks under the supervision of the Federal Reserve if it appears

that these companies could pose a threat to the financial stability of the US.[49]The Federal

Reserve may promulgate safe harbor regulations to exempt certain types of foreign banks from

regulation, with approval of the Council.[50]Under certain circumstances, the Council may

provide for more stringent regulation of a financial activity by issuing recommendations to the
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primary financial regulatory agency, which the primary financial agency is obliged to implement

the Council reports to Congress on the implementation or failure to implement such

recommendations.[51]

Financial Reporting to the Council

The Council may require any bank or non-bank financial institution with assets over $50 billion

to submit certified reports as to the company's:[52]

financial condition

systems in place to monitor and control any risks

transactions with subsidiaries that are regulated banks

the extent to which any of the company's activities could have a potential disruptive impact

on financial markets or the overall f inancial stability of the country

TheComptroller General of the United Statesmay audit the Council or anyone working for the

Council, and may have access to any information under the control of or used by the Council.[53]

Office of Financial Research

Established as a department within theTreasury, the Office is tasked with providing

administrative, technical, budget analysis and other support services to the Council and its

affiliated agencies.[54]

The Director of the Office of Financial Research is appointed for a 6-year term. To the extent

that his or her duties are exclusively focused on the Council and the Office of Financial

Research, the Director is in effect the executive director of the Council. The Director, in

consultation with the Chairman of the Council (who is the Secretary of the Treasury) proposes

the annual budget of the Office.[55]The Director may set salaries of the Offices employees

without regard tochapter 51orsubchapter III of chapter 53ofTitle 5 of the United States Code,

relating to classification of positions and General Schedule pay rates.[56]

The Director hasSubpoena powerand may require from any financial institution (bank or non-

bank) any data needed to carry out the functions of the office.[57]

Financial Research Director's Independent Reports to Congress

The Director reports to and testifies before only the Senate Committee on Banking, Housing,

and Urban Affairs and the House Committee on Financial Services of the House of

Representatives. Testimony shall be annual on the activities of the Office, including the work ofthe Data Center and the Research and Analysis Center and the assessment of significant

financial and market developments and potential emerging threats to the financial stability of the

Country. These reports to Congress are independent of any political influence in that "No officer

or agency of the United States shall have any authority to require the Director to submit the

testimony... for approval, comment, or review prior to the submission of such testimony."[58]

Resources
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otection_Act#cite_note-51http://en.wikipedia.org/wiki/Dodd%E2%80%93Frank_Wall_Street_Reform_and_Consumer_Protection_Act#cite_note-50


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Like the Council, the Office of Financial Research may request, from department or agency of

the United States, "such services, funds, facilities, staff, and other support services as the Office

may determine advisable. Any Federal Government employee may be detailed to the Office

without reimbursement, and such detail shall be without interruption or loss of civil service status

or privilege."[59]Within the Treasury Department, there is a revolving fund, the "Financial

Research Fund" into which all appropriations, fees, and assessments that the Office receives

are deposited. Surplus funds may be invested. It is contemplated that within 2 years of

establishment that the Office will be self-funding.[60]

Authority

The Office has broad latitude in performing support services for both the Council and other

Member Agencies, including data collection, applied research and essential long-term research,

and developing tools for monitoring risk. The Office can also issue guidelines to standardizing

the way data is reported, constituent agencies have three years to implement data

standardization guidelines.[61]In many ways, the Office of Financial Research is to be operated

without the constraints of theCivil Servicesystem. For example, does not need to follow

Federal pay scale guidelines (see above), and it is mandated that the office have:[62]

Training and Workforce Development Plan that includes training, leadership development

and succession planning

Workplace Flexibility Plan that includes telework, flexible work schedules, job sharing,

parental leave benefits and childcare assistance, domestic partner benefits

Recruitment and Retention Plan

Data and Research & Analysis Centers

The Office is supported by two entities:

The Data Center,[63]which collects, validates and maintains (and publishes some of) the

data required to support the Council; which may be obtained from commercial data

providers, publicly available data sources and the financial entities supervised by state and

Federal agencies; and

The Research and Analysis Center, which conducts independent analysis of available

information to identify financially destabilizing effects, and develops and maintains

independent analytical capabilities and computing resources to:[64]

Develop and maintain metrics and reporting systems for risks to the financial stability ofthe United States

Monitor, investigate, and report on changes in systemwide risk levels and patterns to

the Council and Congress

Conduct, coordinate, and sponsor research to support and improve regulation of

financial entities and markets
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Evaluate and report on stress tests or other stability-related evaluations of financial

entities overseen by the member agencies

Maintain expertise in such areas as may be necessary to support specific requests for

advice and assistance from financial regulators

Investigate disruptions and failures in the financial markets, report findings, and make

recommendations to the Council based on those findings;

Conduct studies and provide advice on the impact of policies related to systemic risk;

and

Promote best practices for financial risk management.

Financial Research Fund

The Financial Research Fund is a quasi-revolving fund that the Office uses to fund its

operations. All appropriations and assessments are deposited into the Fund; surpluses may be

invested. Funds are not subject to apportionment for any other purposes. Within 2 years ofenactment, the Office should become self-funding. During the 2-year time following date of

enactment, the Federal Reserve shall fund the Office.[60]

Temporary Management Reporting

For a period of five years after enactment, the Office shall submit an annual report to the Senate

Committee on Banking, Housing and Urban Affairs, and the House Committee on Financial

Services, what amounts to a management report, including:[65]

Training And Workforce Development Plan that includes:

Identification of skill and technical expertise needs and action taken to meet therequirements

Steps taken to foster innovation and creativity

Leadership development and succession Planning

Effective use of technology by employees

Workplace Flexibility Plan that includes:

Telework

Flexible work schedules

Phased retirement Reemployment annuitants

Part-time work

Job sharing

Parental leave benefits and childcare assistance

Domestic partner benefits
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Other workplace flexibilities

Recruitment and Retention Plan that includes:

The steps necessary to target highly qualified applicant pools with diverse backgrounds

Streamlined employment application process

Timely notification of employment applications

Measures of hiring effectiveness

[edit]Title II Orderly Liquidation Authority

The New York City headquarters ofLehman Brothersat the time of its collapse in 2008.

In addition to the supervised banks, insured depository institutions and securities companies

that may be liquidated under existing law by the FDIC orSecurities Investor Protection

Corporation(SIPC), Covered Financial Companies that may be liquidated under this title includeinsurance companies and non-bank financial companies not covered elsewhere.[66]Once it is

determined that a financial company satisfied the criteria for liquidation, if the financial

company's board of directors does not agree, provisions are made for

dodd-frank act readings collection

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