(African Arguments) Enforcing The Dodd-Frank Act Would Promote Transparency And Development In Africa

(African Arguments) Enforcing The Dodd-Frank Act Would Promote Transparency And Development In Africa

Joseph Kraus July 26, 2011
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An op-ed that highlights the important role that the Dodd-Frank legislation in the U.S. could play in increasing transparency in Equatorial Guinea.

The recent “Arab Spring” uprisings in North Africa and the Middle East emerged in part out of citizens’ frustration with the secrecy and corruption of nondemocratic governments, whose officials enjoy lavish existences while ordinary citizens live in poverty. For instance, Muammar el-Qaddafi and his family accumulated more than $50 billion in foreign assets, while one in three Libyans today live below the poverty line.

A law set to go into effect in the United States in the coming months could mark a significant step forward in the battle to sever the secrecy surrounding natural resource revenues and ensure that a country’s wealth benefits its people. 

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As a part of 2010's Dodd-Frank Act, the Volcker Rule divides retail banking and investment banking into individual companies. Many experts believe this is essential to Wall Street change, but Congress has dragged its feet, claiming that enacting Volcker will damage liquidity and thus increase transaction costs for consumers. You can feel safer getting payday loans with the Dodd Frank Act around.

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