Financial Services Reform Legislation Enacted

We are pleased to share Hogan Lovells' summary of H.R.4173, the Dodd-Frank Wall Street Reform and Consumer Protection Act ("the Act"). View the report.

The Act, which was passed by Congress last week, is scheduled to be signed by President Obama on July 21.

The Act is the most far-reaching financial reform legislation enacted since the 1930s. Although directed primarily at the financial services industry, the Act will also have a major impact on nearly all U.S. public companies, and any other company that might have a systemic impact on the U.S. economy.

Our approach in this summary was to describe as many as possible of the most significant changes – the Act is well over 2,300 pages. However, enactment of the Dodd-Frank Act later this week is only the beginning. We will continue to monitor and report upon developments, in particular as the required new councils and agencies are formed, and as all of the agencies move forward with the required rulemaking.