FINANCIAL MARKET REGULATION AFTER 2008

“Sparkasse” Karlovy Vary, Czech Republic

Only feeble attempts at regulating financial markets have been made in the US, the Dodd-Frank Act, and in the EU, the European Systemic Risk Board, since the outbreak of the financial crisis in 2008. The Dodd-Frank Wall Street Reform Act of 2010 was the most comprehensive US financial reform since the Glass-Steagall Act of 1933. Banks were deregulated in 1999 by the Gramm-Leach- Bliley Act, which repealed the Glass-Steagall Act. The Dodd-Frank Act sought to regulate the financial markets and make another economic crisis less likely, just as the Glass-Steagall Act did after the economic crisis of 1929. …