A key regulatory reform goal of the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”) was to reduce the effect on the U.S. financial system of the financial failure of a single institution that could have systemic negative impacts on the whole of the U.S. economy, and to preserve the value of that institution’s assets.
For example, procedural gaps between the U.S. Bankruptcy Code and federal bank rehabilitation procedures caused one of the destabilizing features of the Lehman Brothers bankruptcy cases, which was the immediate and damaging termination of Lehman’s financial contracts and those of its subsidiaries.
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