With 2,300 pages and more than a dozen titles, getting through the Dodd-Frank Wall Street Reform and Consumer Protection Act is no easy task. But the professors at NYU have done much of the work for us. From authors to part of the legal counsel representing the TCF Bank in their lawsuit against Ben Bernanke, professors from the private university in downtown Manhattan have become sort an independent watchdog on the Act.
First up, there is the team of professors including Professors Viral Acharya, Thomas Cooley, Matthew Richardson and Ingo Walter who joined forces to produce two books on financial reform, one prior to the signing of the act, "Restoring Financial Stability: How to Repair a Failed System" in March 2009 and one examining the four main flaws of the act in "Regulating Wall Street: The Dodd-Frank Act and the New Architecture of Global Finance," published in the fall of 2010. According to an article (here) http://nyunews.com/news/2010/11/11/11book/ on the NYU’s news website, the book creates a case for how the act fails to address how to deal with both systemic risk and the rapidly changing financial market.
Next, there is the Professor Richard Epstein, a professor at NYU’s law school, who is working with TCF Bank to sue Ben Bernanke and the Federal Reserve. The lawsuit argues the Durbin Amendment of Dodd-Frank is unconstitutional and will force the bank to charge less than the cost of the transaction.
Finally, there is Roy C. Smith, a ready critic of the media and columnist as well as professor of finance at NYU. Smith has a lot of insight on both the systemic nature of the crisis and the psychology behind financial decisions. He is an infinite resource for both regulatory reform and business ethics.
So there we have it…NYU’s leaders in financial reform. I would argue they do a better job than I do but I like to add my own spin on things.
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