Dodd-Frank deal under critical review

Dhaka,  Mon,  21 August 2017
Published : 12 Jun 2017, 13:30:37
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Dodd-Frank deal under critical review

The US House of Representatives voted to roll back much of the Dodd-Frank regulation implemented after the 2008 financial crisis, according to a global media report on Monday.

To be clear, the cuts are by no means a done deal. But the move underscores that, nearly a decade on from the crisis, there is still a sense we have not made markets truly safer or more efficient.

Some of the criticism of Dodd-Frank is fair. It was made into Swiss cheese by the industry. Loopholes and vague wording bought and paid for by lobbyists allow institutions plenty of room to continue their riskiest and most profitable operations.

This is not the intention of the Trump administration. And the best illustration of that is not what is going on in Congress but in the president’s proposed budget. Dig into the details of it and you get a fascinating look at the way in which the White House can roll back financial reform with or without congressional approval.

- SZ
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