An article published on The Epicurus Institute’s website on March 19th, 2009 is credited by many on Capitol Hill with guiding financial reform.
The piece entitled Clearinghouse 101 described the need to have government regulatory authorities validate new types of financial instruments that may be created. According to one source on Capitol Hill, this singular article formed the basis for a large portion of the role of the new Consumer Protection entity created under Dodd-Frank.
Signed into law July 15th, 2010, the Dodd-Frank Wall Street Reform Act of 2010 establishes that all new financial instruments must be reviewed and approved by the new Consumer Protection Agency, which is being led by Elizabeth Warren.
“The Institute is proud to have achieved such goals as protecting investors and consumers from potentially risky or harmful financial instruments” said Stephen Chisholm, a Director of Government Relations (for Congressional Affairs). “Our work in this area is a profound accomplishment in the establishment of safer investing for Americans and others who put money into our markets” he added.