SEC Commissioner Kara M. Stein recently gave remarks on the status of required Dodd-Frank rulemakings. The pay ratio, claw back, conflict minerals and resources extraction rules didn’t really seem all that important to her though. I kind of agree, since I don’t really understand how these rules prevent another financial crisis. She was focused on systematic risk.
Part of it is a trip down memory lane. Ms. Stein said “I certainly remember looking at a streamlined, three-page document authorizing the expenditure of several hundred billions of taxpayer dollars—with almost no strings attached. One doesn’t soon forget that.” Yes, and I liked Hank Paulson’s plans.
Ms. Stein goes on to note “Many of the most important systemic risk reforms of the Dodd-Frank Act just aren’t done. We need to finish these rules now; we cannot afford to wait.”
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