Dodd–Frank Act Requires Audit and Retrieval of Text Messages
The Dodd–Frank Wall Street Reform and Consumer Protection Act (Pub.L. 111-203, H.R. 4173) is a federal statute in the United States that was signed into law by President Barack Obama on July 21, 2010. The Act is a product of the financial regulatory reform agenda of the Democratically-controlled 111th United States Congress and the Obama administration.
The law was initially proposed on December 2, 2009, in the House by Barney Frank, and in the Senate Banking Committee by Chairman Chris Dodd. Due to their involvement with the bill, the conference committee that reported on June 29, 2010, voted to name the bill after the two members of Congress. The Act, which was passed as a response to the late-2000s recession, is the most sweeping change to financial regulation in the United States since the Great Depression, and represents a significant change in the American financial regulatory environment affecting all Federal financial regulatory agencies and affecting almost every aspect of the nation’s financial services industry.
The act requires smaller firms to audit and log all communication for the council that enforces the act.
Financial Reporting to the Council
The Council may require any bank or non-bank financial institution with assets over $50 billion to submit certified reports as to the company’s:
- financial condition
- systems in place to monitor and control any risks
- transactions with subsidiaries that are regulated banks
- the extent to which any of the company’s activities could have a potential disruptive impact on financial markets or the overall financial stability of the country
The Comptroller General of the United States may audit the Council or anyone working for the Council, and may have access to any information under the control of or used by the Council.
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