Of Roman Gods and Financial Reform
Janus and the Dodd-Frank Act: Looking back, looking forward
In Roman mythology, Janus is the god with two faces. One face looks backward, the other into the future, a duality that neatly serves our consideration of the range of views expressed about the Dodd-Frank Act (the Act) passed one year ago. The enormous and far-reaching act has been loved and loathed from the moment it was conceived to today. Its place in history is a matter of opinion; its impact a matter of intense debate.
In this paper we use the Janus principle – we look back over the last year and forward into the future from three very different perspectives:
- The banks and financial institutions, which are subject to the Act
- The regulators, who must implement it
- The consumers of financial services, who face big changes in the future
To put it mildly, it is a very complicated story with multiple and overlapping narratives. As we try to show in this paper, opinions vary across a wide range. We have tried to reflect that range by dividing the discussion into something like a Socratic debate – at each point, we hear from those voices representing different opinions as they set out their positions.
Read more in the PDF attachment.