The Dodd-Frank Wall Street Reform and Consumer Protection Act creates a framework for ensuring financial stability by establishing: a Financial Stability Oversight Council (FSOC) to monitor potential threats to the financial system and provide for more stringent regulation of financial companies and their activities that the oversight council determines present risks to financial stability; an Office of Financial Research (OFR) to support oversight through research and collecting and analyzing data; and a more stringent supervisory framework for regulating large, interconnected Bank Holding Companies (BHCs) and non-bank financial companies, and activities and practices the oversight council determines may pose systemic threats.
The act provides for “Living Wills” (i.e., plans for a rapid and orderly shutdown should a company fail) that large, complex financial companies and others must prepare and keep up to date.
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