A Brief Overview of the Dodd-Frank Wall Street Reform and Consumer Protection Act

Part 2 of a 2-Part Series

The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 is also known as the “financial reform bill.”  It was signed into law by President Barack Obama on July 21, 2010, and goes into effect on July 16, 2011, unless the SEC or CFTC raises any major objections or queries.  You can read the entire 848-page document at Markets Reform Wiki.

But what is it and how will it affect investors?

It was named after Barney Frank and Chris Dodd, who respectively introduced it to the House of Representatives and the Senate Banking Committee in 2009.  The Act was passed in response to the recession that began in 2008, and is the most sweeping change to financial regulation in the United States since the Great Depression.  Its goal is to prevent another economic meltdown from happening.

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Does the Dodd-Frank Act Make OTC Gold and Silver Trading Illegal?

Part 1 of a 2-Part Series

The way that the Dodd-Frank Act is potentially affecting the hedge funds and over-the-counter gold and silver trading has become a very controversial topic.  Because you’ll be reading more and more about this as the deadline of July 15, 2011, approaches, and even after that, I’m going to clarify the frequently-seen acronyms so you’ll know what the bloggers, social media, and other media are talking about.

Frequently-Used Financial Acronyms

BDs = Broker-Dealers

CEA = Commodity Exchange Act

CFPA = Consumer Financial Protection Agency

CFTC = Commodity Futures Trading Commission

ECP = Eligible Contract Participant

FCM = Futures Commission Merchant

FOREX (FX) = Foreign Exchange  (The currency exchange marketplace; the forex market is the largest, most liquid market in the world, with average trading values in the billions each day, and includes all the currencies in the world.)

Forex.com = a specific trading company

OCC = Office of the Comptroller

OTC = Over the Counter

SEC = Securities and Exchange Commission

In part 2 I will give you a brief overview of the Dodd-Frank Act and its current status.

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Ding Dong, the 2012 Gold Tax is Dead

Happy Lady with Bag of MoneyWhile searching the Internet for information you have to be careful.  A lot of it is out of date!  When doing a search, be sure to include the year you want to read reports from (such as 2011).   I am going to share with you a perfect example of something which might have you panicking about the so-called 2012 Gold Tax.

Although it has a happy ending, outdated (though recent) information and YouTube videos abound on the subject, so I’m going to give you some facts that will make you furious and then will make you happy.

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