Heartland Events

Hester Peirce - Dodd-Frank: What It Does and Why It's Flawed

The Heartland Institute
1 S. Wacker Drive #2740
Chicago, Illinois 60606
March 21, 2013, 11:30 AM - 1:30 PM

More than 360,000 words in length, the Dodd-Frank Wall Street Reform and Consumer Protection Act is the longest and most complex piece of financial legislation in American history. The nature and magnitude of its effects, both intended and unintended, will become clearer as regulators exercise the broad discretion given to them under the law.


In Dodd-Frank: What it Does and Why It's Flawed, Hester Peirce and a team of contributors ask whether the law is an effective response to the financial crisis that so deeply rattled our nation. Taking a hard look at the law's celebrated objectives, they reveal that it not only fails to achieve many of its stated goals, it also creates dangerous regulatory pathologies that could lay the groundwork for the next crisis.

ABOUT THE AUTHOR: Hester Peirce is a Senior Research Fellow at the Mercatus Center at George Mason University. Before joining the Mercatus Center, Hester Peirce served as Senior Counsel to Senator Shelby's staff on the Senate Committee on Banking, Housing, and Urban Affairs. In that position, she worked on financial regulatory reform efforts following the financial crisis of 2008 and oversight of the regulatory implementation of the Dodd-Frank Act.

Among the issues Peirce focused on were derivatives regulation, the use of economic analysis in the development of financial regulations, the regulation of investment advisers and broker-dealers, corporate governance, and the regulation of credit rating agencies. Her oversight work on the Banking Committee focused primarily on the activities of the Securities and Exchange Commission, the Commodity Futures Trading Commission, the Financial Stability Oversight Council, the Financial Industry Regulatory Authority, and the Public Company Accounting Oversight Board.

Peirce served as counsel to Commissioner Paul S. Atkins at the Securities and Exchange Commission from 2004 to 2008. Prior to that, she served as a staff attorney in the Division of Investment Management at the Securities and Exchange Commission. Before joining the staff of the Securities and Exchange Commission, Peirce clerked for Judge Roger B. Andewelt on the Court of Federal Claims and was an associate at a major Washington, D.C. law firm.

Hester Peirce earned her B.A. in economics from Case Western Reserve University and her J.D. from Yale Law School. She also studied in Vienna, Austria on a Fulbright grant.

Watch the video of Hester Peirce talking about Dodd-Frank at Heartland's luncheon on March 21, 2013: