Dodd-Frank: Short Title, Short-Termism

The Dodd-Frank Wall Street Reform and Consumer Protection Act was signed into law by President Obama on July 21, 2010. Of its hundreds of sections and 16 titles (the catchiest of which is "The Pay It Back Act"), only a tiny fraction of the Act addresses governance and compensation of executives of Main Street corporations, as opposed to financial institutions.¹ And yet, those nine sections relating to governance and executive compensation will have a profound effect on corporate America, perhaps one more significant than the Act's effect on financial institutions.

Along with countless others in the corporate advisory field, from law firms to banks to accounting firms, Jones Day soon will publish a full explication of Dodd-Frank. But in the meantime, what does Main Street really need to know? We offer herein a few critical points to remember about Dodd-Frank, as well as a few trivia points that you may use at your next board meeting or cocktail party.