Herrick K. Lidstone, Jr.
How the Wall Street Reform Act Impacts Smaller Businesses
By Herrick K. Lidstone, Jr.
Burns, Figa & Will, P.C.,
On June 29, 2010, after months of wrangling, the House-Senate Conference Committee
issued the conference report on the Dodd-Frank Wall Street Reform and Consumer Protection
Act, a 2,319 page amendment to H.R. 4173 (the “Act”). The House of Representatives approved
the bill on June 30, 2010, the Senate approved it on July 15, 2010, and it became law when
President Obama signed it on July 21, 2010. This bill has its genesis in the financial crisis of
2007-2008 and the perceived abuses by financial institutions, investment advisors, and credit
rating organizations with respect to asset backed securities, sub-prime mortgages, collateralized
debt obligations, and other derivative securities, as well as a backlash against what was perceived
to be excessive executive compensation in publicly traded companies and financial institutions.
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