As he takes his final steps out the doors of the White House, his literal footprints may not be visible, but his figurative ones will be as transparent as the gray hair that sits above his once youthful face.
Nowhere is that more apparent than the world of financial regulation, which transitioned from a fringe issue to the forefront of national policy in the time it took Bear Sterns to be sold off for pennies on the dollar at the height of the 2008 Financial Crisis. We can only speculate at the permanency of the landmark regulation he signed into law during his tenure as a new administration beckons, but for now we can reflect at the main policy, and appointment, that ushered in Obama’s trademark vision, “change.”
Dodd-Frank Wall Street Reform and Consumer Protection Act
By far the most influential, and ultimately the most controversial, piece of financial regulation of Obama’s presidency the “Dodd-Frank Act” was and is considered to be the most comprehensive piece of financial regulation reform since the Great Depression.
Appointment of Mary Jo White as SEC Chair
Confirmed in April of 2013, White will have been SEC Chair as long as nearly anyone when she steps down this month coinciding with the end of Obama’s eight year term.
Financial Services Committee. (n.d.). Retrieved January 17, 2017, from http://financialservices.house.gov/choice/
Press Release. (n.d.). Retrieved January 17, 2017, from https://www.sec.gov/news/pressrelease/2016-238.html
The Dodd Frank Act - A Cheat Sheet. (2010). Retrieved January 17, 2017, from http://media.mofo.com/files/uploads/Images/SummaryDoddFrankAct.pdf
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By Todd Cheney, CPA
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