In a 3-2 vote split along party lines, the Securities and Exchange Commission has approved final rules to implement the whistleblower "bounty" provisions mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act.
The most significant U.S. legal and regulatory development of 2010 was the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”), which was signed into law by President Obama on July 21, 2010.
On May 20, 2010, the United States Senate passed, by a margin of 59 to 39, the Restoring Financial Stability Act of 2010 (the "Bill"), which is aimed at strengthening the US financial system and preventing future crises.
On May 20, 2010, the United States Senate passed "The Restoring American Financial Stability Act of 2010" (the "Senate Bill").
On January 21, 2010, President Obama, joined by Paul Volcker and others, proposed new measures calling for new restrictions on the size and scope of banks and other financial institutions to rein in excessive risk taking and to protect taxpayers.
On March 15, 2010, Senate Banking Committee Chairman Christopher Dodd, D-Conn., released a draft bill of the Restoring Financial Stability Act of 2010 (the “Bill”) aimed at strengthening the U.S. financial system and preventing future crises.
On December 11, 2009, the U.S. House of Representatives passed “The Wall Street Reform and Consumer Protection Act of 2009” (H.R. 4173).
On June 12, 2009, the U.S. Department of the Treasury released Prseident Obama's plan to overhaul the U.S. Financial regulatory system entitled "Financial Regulatory Reform - A New Foundation Rebuilding Financial Supervision and Regulation."
In the aftermath of the bankruptcy filings by Lehman Brothers Holdings Inc. and certain of its subsidiaries and the ensuing market turmoil, credit default swaps ("CDS") have been cited as one of the main culprits for causing the current crisis.
On June 17, 2009, the U.S. Treasury Department (“Treasury”) submitted its report to Congress entitled “Financial Regulatory Reform A New Foundation: Rebuilding Financial Supervision and Regulation” (“Report”).