Dodd-Frank Wall Street Reform & Consumer Protection Act* Flashcards
1
Q
Passed by Congress in ____.
A
2010
2
Q
What did it do?
A
Adopted to enhance US financial stability by increasing transparency, ending “too big to fail”, stopping bailouts, and guarding consumers from unfair financial practices.
3
Q
Financial Stability Oversight Council (FSOC)
A
- tasked with identifying risks to U.S. financial stability and responding to threats to the stability
4
Q
The FSOC may require any bank or nonbank financial institution with assets over ____ billion to submit certified reports regarding the company’s financial condition and systems in place to ________________.
A
- 50
- monitor and control risk.
5
Q
Section 989G amended Section 404 of SOX to …[will be tested]
A
exempt smaller issuers
