Wharton finance professor Jeremy Siegel agrees that the details of the new regulatory mechanisms that are evolving will be critical. "In part, that is because the bill itself sets up a framework with the potential for major initiatives, but leaves tremendous scope for regulators to interpret and carry out the mandates."
"I don't think there's a full appreciation of the major transformation of the financial structure that is upon us," notes Wharton real estate professor Susan Wachter. In reaction to their presentations and the law's approval, Wharton faculty say the legislation is a good start toward future financial stability, but they also warn that significant concerns remain unaddressed, and stress that the details of implementation must be handled carefully to avoid creating new problems. Department of the Treasury, and Diana Farrell, deputy director of the National Economic Council, outlined the administration's plans to protect against some of the risks that led to the global financial crisis. In separate speeches at Wharton this month, Neal Wolin, deputy secretary of the U.S. The legislation is designed to limit widespread risk in the financial system and to solve the problem of large financial institutions that expect government bailouts because they are "too big to fail." It also creates new regulatory oversight and consumer protections. Following final approval of the sweeping Dodd-Frank Wall Street Reform and Consumer Protection Acton July 15,Obama administration officials are now addressing audiences across the country to explain how and under what timetable they plan to implement the law's broad intentions.