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Simple English definitions for legal terms

Dodd-Frank: Title I - Financial Stability

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A quick definition of Dodd-Frank: Title I - Financial Stability:

Dodd-Frank is a law that helps keep the United States' financial system stable and safe. It created two new government departments, the Financial Stability Oversight Council (FSOC) and the Office of Financial Research, to watch over big financial companies and make sure they don't cause problems. The FSOC can tell companies to follow rules to reduce risk, and even stop them from doing certain things if they could hurt the economy. The law also makes sure that foreign financial companies follow the same rules if they want to do business in the United States.

A more thorough explanation:

Definition: Title I of the Dodd-Frank Act is a law that expands federal research, evaluation, and oversight of large financial institutions to manage risks to the financial stability of the United States. It establishes two new government departments, the Financial Stability Oversight Council (FSOC), and the Office of Financial Research, an office within the Treasury. Title I also expands the authority of the Board of Governors of the Federal Reserve System to allow for supervision of certain nonbank financial companies and large bank holding companies that could have a substantial impact on the United States economy.

Example: Before the Dodd-Frank Act, some financial institutions were not under government supervision, despite their potential to impact the financial stability of the United States. Title I expands the supervision and regulation of these previously unsupervised financial companies.

Explanation: The establishment of new departments and offices to research and monitor will likely lead to stronger supervision of large companies. The Financial Stability Oversight Council (FSOC) has the authority to evaluate and identify nonbank financial companies that will be under heightened supervision by the FSOC and the Board of Governors of the Federal Reserve System. The Board of Governors has the authority to impose more stringent supervisory standards on those covered financial companies. These regulations are tied to the same risk factors considered by the Federal Stability Oversight Council (FSOC), including liquidity requirements, risk management processes, resolution plan reports, credit exposure reports, and limits on risk concentration.

Dodd-Frank: Definitions | Dodd-Frank: Title II - Orderly Liquidation Authority

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JumpySubsequentDolphin
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JumpySubsequentDolphin
17:18
idk splitty :(
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JumpySubsequentDolphin
17:18
@SplitterusClitterus: did you like cmiygl? that’s one of my all time fave albums
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babycat
17:19
liking chromakopia and not Tyler's other stuff is crazy to me
JumpySubsequentDolphin
17:19
perhaps im biased bc i saw him live when he performed cmiygl for the first time
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