of the United States”.23 Over 50 banks received funds as part of the TARP bailout.24 This
was followed in July 2010 by the Dodd-Frank Wall Street Reform and Consumer Protection
Act signed into law by President Obama. The stated aim of the legislation is: “To promote
the financial stability of the United States by improving accountability and transparency in
the financial system, to end ‘too big to fail’, to protect the American taxpayer by ending
bailouts, to protect consumers from abusive financial services and for other purposes”.25 Its
proponents describe the objectives of the Act as restoring public confidence in the financial
system, preventing another financial crisis and allowing any future asset bubble to be detected
and deflated before another financial crisis ensues.