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September 13, 2013

Warren Slams Regulatory Delays, Calls for End of 'Too Big to Fail'

Sen. Elizabeth Warren sharply criticized regulators on Thursday for failing to meet most of the deadlines of the Dodd-Frank Act and said lawmakers shouldn’t wait until that law is fully implemented before taking more action to end “too big to fail.”

The Massachusetts Democrat said the delays heighten the need to address the perception that troubled large institutions will be bailed out by the government in the event of another crisis.

“‘There are many who say, “Sure, ‘too big to fail’ isn’t over yet, but Congress should wait to act further because the agencies still have to issue a bunch of Dodd-Frank’s required rules,”‘ Warren said at an event on the fifth anniversary of the financial crisis, hosted by Better Markets and George Washington Law School’s Center for Law, Economics, and Finance. ‘True, there are rules left to be written, but that’s because the agencies have missed more than 60% of Dodd-Frank’s rulemaking deadlines.’

She said she didn’t ‘understand the logic’ of that argument.”

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Read full American Banker article here

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