“Better Markets, a nonprofit, nonpartisan organization which promotes financial reform of the markets, has released a report stating that the opponents of the Dodd-Frank Act are claiming that the SEC must conduct a detailed cost-benefit analysis of all of the rules it is required to promulgate in order to slow the rulemaking process and kill or weaken as many of the reform rules as possible. Dennis Kelleher, CEO of Better Markets, said that Wall Street’s version of a cost-benefit analysis counts all of their costs while excluding the benefits to society, to taxpayers and the avoidance of another financial collapse. He said it would be irrational for Congress to pass a law to protect Americans from Wall Street only to allow agencies to kill the law when Wall Street claims the costs it will bear are too high.
According to Better Markets, the financial collapse and the financial crisis were caused by nonexistent or inadequate regulation. The Dodd-Frank Act would re-regulate the industry and shift the costs of preventing a future crisis from society back to the financial industry. “
Read full coverage from Jacquelyn Lamb at SEC today here: