Deloitte assesses the impact of federal financial regulatory reform in its Sound of Rumbling Thunder paper. The Dodd-Frank Wall Street Reform and Consumer Protection Act is poised to become law, and it will have a broad impact on the country's economy.
Deloitte predicts that the act will bring "a tumultuous storm that will likely blow for years." The far-reaching act will affect not only financial firms but corporate and retail customers, stakeholders, analysts, regulators, and shareholders.
While the proposal is complex, it has two main points: to limit risk financial companies are able to take, and to beef up consumer protections. It doesn't significantly change regulatory structure, which was simplified slightly and remains "fragmented," according to Deloitte.
The act represents the biggest set of financial regulatory changes in a generation, and possibly since the Great Depression era.