FINANCIAL TIMES: Barack Obama urged the top US financial regulators to speed up the implementation of regulations associated with the 2010 Wall Street reform bill, which have stalled amid disagreements between agencies and intense lobbying by big banks…
Mr Obama’s meeting on financial regulation comes just ahead of next month’s five-year anniversary of the collapse of Lehman Brothers and AIG which triggered a financial crisis and a deep recession, as well as a huge bailout of financial institutions by the US government.
The Dodd-Frank law, named after the Democratic architects of the bill in Congress, was crafted in an attempt to address the regulatory shortcomings exposed by the crisis. Yet amid efforts to reshape the law from big banks, US regulators have failed to agree on certain key aspects of its implementation, raising concerns among Dodd-Frank supporters that it would not be able to function properly in the event of another crisis. One of the main provisions that languished is the so-called Volcker rule, which seeks to ban risky proprietary trading by financial institutions… (more)
EDITOR: Special interests are determined to obstruct the implementation of this law.
