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I often get asked a Wall Street variation of the Ronald Reagan 1980 campaign saw, “Are you better off than you were four years ago?” To wit: Are we safer than we were four years ago? Will the 2010 Dodd-Frank law and the regulations that the Securities and Exchange Commission and the Commodity Futures Trading Commission are busy writing and rewriting prevent a recurrence of the kind of financial meltdown that we experienced in 2007 and 2008?
(With Reference to Vinny Guadagnino, Andrew Haldane, Paul Volcker, John Milton, Tom Hoenig and Churchill’s ‘Terminological Inexactitude’ ) Remarks before Columbia University’s Politics and Business Club It is bracing to be with bright, young students here at the Politics and Business Club of Columbia University.
He left behind a group of legislators in Washington still trying to nail down a controversial attempt to overhaul the nation’s in the wake of the country’s most serious economic crisis since . A well-regarded lion of the regulatory world, Mr.
Art Resource/©2011 C.
Congressional Democrats went ahead and wrote the trading prohibition into Dodd-Frank, the sweeping overhaul of the nation's financial rules pushed through last July. But now, behind closed doors, financial agency powerbrokers are jockeying over how to implement the law, a process turning out to be as bitterly contentious and politicized as passing Dodd-Frank in the first place. Government officials -- including Williams and the OCC -- are inserting exemptions as they formulate rules to enforce the law.
Here we go again. Major shocks potentially threaten the solvency of some of the world’s largest financial institutions.
Columbia Law School; European Corporate Governance Institute (ECGI); American Academy of Arts & Sciences January 9, 2012 Cornell Law Review, 2012 Columbia Law and Economics Working Paper No. 414 Abstract: Several commentators have argued that financial “reform” legislation enacted after a market crash is invariably flawed, results in “quack corporate governance” and “bubble laws,” and should be discouraged.