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Article

Un-Constitutionality of the Dodd-Frank Act

Journal European Journal of Law Reform, Issue 1 2015
Keywords Dodd-Frank Act, enforcement games, systemic risk, financial services regulation, constitutional law
Authors Michael I.C. Nwogugu
AbstractAuthor's information

    ‘Restoring American Financial Stability Act’ of 2010 (‘RAFSA’ or the ‘Dodd-Frank Act’) was the first set of statutes in any country that attempted to simultaneously address the Global Financial Crisis, the national securities law framework, the structure of the executive branch of the federal government, and delegation of powers to federal government agencies (to the detriment of state governments). Other countries have enacted statutes that are similar to RAFSA. However, RAFSA and similar statutes in many countries are inefficient and have failed to address the fundamental problems in financial systems, and parts of RAFSA are unconstitutional.


Michael I.C. Nwogugu
Address: Enugu, Enugu State, Nigeria. E-mail: mcn2225@gmail.com; mcn2225@aol.com. Phone: 234-909-606-8162.
Article

Beyond Financialisation?

Transformative Strategies for More Sustainable Financial Markets in the European Union

Journal European Journal of Law Reform, Issue 4 2014
Keywords financialisation, financial market integration, financial reform, financial innovation, financial crisis
Authors Dieter Pesendorfer
AbstractAuthor's information

    The global financial crisis has led many regulators and lawmakers to a rethinking about current versus optimum financial market structures and activities that include a variety and even radical ideas about deleveraging and downsizing finance. This paper focuses on the flaws and shortcomings of regulatory reforms of finance and on the necessity of and scope for more radical transformative strategies. With ‘crisis economics’ back, the most developed countries, including the EU member states, are still on the edge of disaster and confronted with systemic risk. Changes in financial regulation adopted in the aftermath of the financial meltdown have not been radical enough to transform the overall system of finance-driven capitalism towards a more sustainable system with a more embedded finance. The paper discusses financialisation in order to understand the development trends in finance over the past decades and examines various theories to describe the typical trends and patterns in financial regulation. By focusing on a limited number of regulatory reforms in the European Union, the limitations of current reforms and the need for additional transformative strategies necessary to overcome the finance-driven accumulation regime are explored. Finally, the regulatory space for such transformative strategies and for taming finance in times of crisis, austerity, and increased public protest potential is analysed.


Dieter Pesendorfer
Queen’s University Belfast, School of Law, d.pesendorfer@qub.ac.uk.

Mark Pieth
University of Basel, Switzerland.

Nikos Passas
Nikos Passas, Philadelphia. The author of this article would like to acknowledge the financial support of Temple University, which allowed him to concentrate exclusively on his research activities during a sabbatical leave.
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