The Restoring American Financial Stability Act of 2010
The Restoring American Financial Stability Act of 2010 is, as of October 2010, a proposed piece of legislation in the United States Senate. The act is extensive, creating new regulations on financial institutions as well as new oversight for them.
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Regulations
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The act amends the Investment Advisers Act of 1940 so that its regulations also apply to advisers to hedge funds. Additionally, the act amends the Bank Holding Company Act of 1956 to require that large financial institutions report their earnings as well as regulated subsidies.
Oversight
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The act creates the Financial Stability Oversight Council to identify risks and help provide general regulations to the financial industry. Moreover, the act strengthens the regulatory powers of the Securities and Exchange Commission by allowing it to create rules for over-the-counter derivatives markets.
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History
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The act was originally proposed by Sen. Christopher Dodd of Connecticut on Apr. 15, 2010. As of October 2010, it remains undecided in the Senate, though it did pass the Senate Committee on Banking, Housing, and Urban Affairs with 434 proposed amendments.
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