Paradigm Shift TheActrepresentsaparadigmshiftintheAmericanfinancialregulatoryenvironmentimpacting all federal financial regulatory bodies and affecting almost every aspect of the nation’s services industry. During his public address in July 2010, President Obama remarked the reform introduced by the Act “will prevent the kind of shadowy deals that led to this crisis, reform that would never again put taxpayers on the hook for Wall Street’s mistakes”. The change in thinking came in the wake of Congress’s criticism of Alan Greenspan during his testimony to the Congressional Committee for Oversight and Government Reform hearing held in October 2008, chaired by Henry Waxman. Chairman Waxman’s approach to the hearing was to carry out a direct inquisition into Greenspan’s decisions during his time as Federal Reserve chairman and the degree to which the Reserve set the stage for the American (and global) financial disaster. Included in Box 4.3 is an extract of the dialogue between Henry Waxman and Alan Greenspan during the hearing over Greenspan’s long-term advocacy of financial deregulation.