Wall Street Is Killing Dodd-Frank One Regulation at a Time

[marmar]

from truthdig:


Wall Street Is Killing Dodd-Frank One Regulation at a Time

Posted on Apr 30, 2013
By Thomas Hedges, Center for Study of Responsive Law


The U.S. Chamber of Commerce released a letter this month outlining the changes it would like to see made to the Dodd-Frank Act, whose full implementation has been delayed for almost three years now. The chamber’s Fix, Add, Replace (FAR) agenda to alter Dodd-Frank insists that Congress’ already compromised attempt to avoid another financial meltdown is too ambitious. The law is failing, the chamber says, because it aimed to tackle too much.

“Trying to eliminate all risks and risk taking will hinder our ability to fund new ideas, startups, and expansion in our Main Street economy,” chamber President and CEO Tom Donohue wrote on the group’s Free Enterprise website. “Reasonable risk taking drives innovation, jobs and growth.”

The FAR plan advises Congress to “establish checks and balances for the Consumer Financial Protection Bureau,” which means the chamber wants bipartisan leadership at a regulator the group fears could be headed by someone like Massachusetts Sen. Elizabeth Warren or former Commodity Futures Trading Commission head Brooksley Born, both of whom are critical of Wall Street.

The chamber also wants to weaken whistle-blower laws that it believes “undermine strong corporate compliance programs” and to “streamline regulators through consolidation,” in essence downsizing regulatory agencies and banning mandatory audit firm rotations—a measure that prevents auditors from getting too comfy with the companies they oversee. ...................(more)

The complete piece is at: http://www.truthdig.com/report/item/wall_street_is_killing_dodd-frank_one_regulation_at_a_time_20130430/

[xchrom]

1. du rec. nt