The Financial Panic of 2008 and Financial Regulatory Reform — The Harvard Law School Forum on Corporate Governance and Financial Regulation, Posted by Randall D. Guynn, Davis Polk & Wardwell LLP, on Saturday November 20, 2010, provides a good overview of the crisis and response.
The US and the rest of the world experienced a genuine financial panic in September and October of 2008. The US responded by taking a series of emergency actions to stabilise the financial system. The financial panic of 2008, and these emergency measures, created the ‘perfect storm’ for new financial regulation. The Dodd-Frank Act is the most extensive revision of US financial regulation since the 1930s, although it has left some important issues unresolved.