It is certainly safe to assume that executives of virtually every medium- to large-sized business operative across the United States are spending more than a modicum of thought these days contemplating the seminal Dodd-Frank financial reform legislation passed back in 2010.
As many of our readers likely well recollect, Dodd -Frank was served up as an ameliorative response to the massive economic crisis that beset the nation a couple years prior to that. The tough times were of sustained duration and came to be commonly called the Great Recession.
Although Dodd-Frank is widely-focused legislation, its core centrally consists of reform provisions aimed at the primary money centers in the American economy, chiefly the country's largest banks. A corollary thrust of the law addresses CEO compensation in publicly traded companies.
As many people in the Washington, D.C. metro area and nationally who follow political developments know, the Trump presidential administration has castigated Dodd-Frank in many particulars for its alleged detrimental effects on business development and growth. The legislation is currently under formal review by the U.S. Department of Treasury, the U.S. Securities and Exchange Commission and other agencies. One recent media report on the reform duly notes its "sweeping" nature.
What might that review signify for affected businesses, both in the short term and over the long run?
Understandably, it is difficult to say, since a dismantling of provisions -- and, candidly, even a partial adjustment of the legislation -- would certainly entail material complexities and take time to process.
President Trump signed the executive order mandating Dodd-Frank review on February 3. Business principals seeking advice on what that review might eventually yield and its possible impact on regulatory compliance matters might reasonably want to contact attorneys at a proven business and commercial law firm for feedback and legal counsel.