Dodd-Frank sends banks on journey into the great unknown

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For a legislative tome running to more than two thousand pages, the Dodd-Frank Wall Street Reform and Consumer Protection Act is remarkably short on detail. That US banks, investment firms and their regulators will have their hands full as a result of the expansive Act, signed into law on July 21, is certain. Nevertheless, in its current state the Act is far from prescriptive. Firstly, the regulators face the task of interpreting the myriad of basic mandates into substantive rules. That will

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