Note: Not addressing Federal Reserve or Fannie or Freddie - the real causes of most of the mess - are not addressed - And I don't think the Republicans would have addressed these facets either since they didn't when they were in control from 1994 through 2006.
A little of both, but fell way short according to Matt Taibbi (Rolling Stone) and the Wall Street Journal (6-24-2010, A19)
Apparently, the Bill could have been stronger, dealt with preventing certain loan generation, and deal making in the back room of Congress to water down the impact.
Helpful - Expands the number of small companies from Sarbanes-Oxley audit requirements.
Doesn't prevent problems - (1) Didn't revoke 1975 law that prevents municipal bond issuers from same regulation of corporate bonds (consider current municipal bond market - and states' pension plan deficits); (2) law limits access to proxy issues to only investor with at least 5% of outstanding shares; (3) let's the SEC become a self funded agency (but may be killed by appropriations committee unwilling to give up power); (4) Congress left both the SEC and Commodity Futures Trading Commission alone instead of merging forces and eliminating regulatory confusion; (5) failed to pass the Frank amendment which effectively would allow third parties of fraud avoid liability; and (6) no reform of Fannie or Freddie (which will be another bi issue, but I believe might be another "rearrangement of Titanic's deck chairs.
Another example to failed reforms: Public companies now have wider loopholes to avoid their own internal audits;
Calls for complete audit of the Federal Reserve were ignored.
Note: Proxy access - looks like the SEC may let shareholders nominate Board Member next to other recommendations.
References to products and services are not a specific endorsement, but the user must perform their due diligence and investigate whether the product or service is right for them. I welcome any or all comments that would help others.
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