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Handbook of the Economics of Finance by Rene M. Stulz, Milton Harris, George M. Constantinides

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3.10 The Dodd–Frank Executive Compensation Reform Act (2010–2011)

In July 2010, President Obama signed into law the Dodd–Frank Wall Street Reform and Consumer Protection Act or Dodd–Frank Act, which was the culmination of the President and Congress’s controversial and wide-ranging efforts to regulate the financial services industry. In spite of its enormous length—the bill itself spans 848 pages—the Act leaves most of the details to be promulgated by a variety of government entities. Indeed, attorneys at DavisPolk (2010) calculate that the Act requires regulators from at least nine agencies to create 243 new rules, conduct 67 studies, and issue 22 periodic reports.

3.10.1 Pay Restrictions for Financial Institutions

While the pay restrictions ...

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