U.S. Deputy Treasury Secretary Neal Wolin said lawmakers and lobbyists opposed to the Dodd-Frank Act will fail in efforts to roll back parts of the regulatory overhaul enacted in response to the 2008 credit crisis.
“The whole thing will be implemented before we are done,” Wolin, who was appointed by President Barack Obama in 2009, said today in a panel discussion at the Bloomberg Link Washington Summit. “There are efforts in Congress to roll back and the like and I don’t think they are likely to succeed.”
U.S. regulators including the Federal Reserve and Securities and Exchange Commission are nearly two years into implementing Dodd-Frank, which was signed into law by Obama in 2010. Regulators still have dozens of measures to complete, including the Volcker rule that will ban proprietary trading at banks such as Goldman Sachs Group Inc. (GS) and JPMorgan Chase & Co. (JPM)