May 15, 2015
If Senate Banking Committee chairman Richard Shelby was hoping to ignite the passions of financial regulation experts across the political spectrum with his proposed regulatory relief bill, he’s certainly succeeded.
Shelby’s draft legislation has the potential to help or hurt financial reform. If it winds up provoking serious discussion on the eve of Dodd-Frank’s fifth anniversary about what in the financial reform act is working and what needs improvement, we need to welcome that debate. The Dodd-Frank law was crafted while we were in the midst of a significant financial crisis; we were unable to fully digest the causes of the crisis at the time and agree upon necessary solutions. Politicians then went on to the next hot item, leaving fifteen different regulators to write the implementation rules whilst grappling with insufficient human and technology resources and facing a barrage of deep-pocketed lobbyists…Read More