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June 5, 2013

Dodd-Frank act: After 3 years, a long to-do list

“On Feb. 8, 2012, five days before the deadline for public comment on a proposal that threatened to slice profits for Wall Street’s biggest banks, the financial industry massed in Washington, D.C.

Bankers, lawyers and consultants met with regulators in nine sessions at the Securities and Exchange Commission (SEC) and other regulatory offices around the Capitol, voicing concern the provision would unduly restrict the industry.

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“Our members have a vested interest, no doubt, because they’re going to have to comply with it (Dodd-Frank). But they also have a tremendous amount of market expertise, and so I think it’s beneficial for our members not only to exercise their voice, as is their right and responsibility, but in addition to bring their expertise to bear to the process,” said Bentsen.

But former senator Ted Kaufman, the Delaware Democrat who helped oversee federal bailouts after the financial crisis, said “financial groups have the money and the influence to overwhelm the (regulatory) process.”

They’ve used those resources, said Kelleher, the Better Markets CEO. “Some version of some paid mouthpiece of Wall Street is at virtually every regulator every hour the regulator is open,” he said.”

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Read full USA Today story here

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