Arab Today, arab today us financial regulators pressed for quicker reforms
Last Updated : GMT 19:10:18
Arab Today, arab today
Arab Today, arab today

US financial regulators pressed for quicker reforms

Arab Today, arab today

Arab Today, arab today US financial regulators pressed for quicker reforms

Washington - AFP

US senators pressed regulators on Tuesday to speed up implementation of financial service industry reforms aimed at reducing risks from transactions like derivatives swaps that contributed to the 2007 financial crisis. Mary Jo White, head of the Securities and Exchange Commission, which is charged with regulating US markets and securities, told the Senate Banking Committee she hoped to roll out many rules that protect investors and consumers this year. \"I have several things on front burners,\" said White, a former high-profile prosecutor who was confirmed as President Barack Obama\'s SEC chief in April. \"I think we\'ve made very good progress. We\'re continuing to push extremely hard to complete those rulemakings.\" The SEC is overseeing implementation of dozens of new regulations laid out in the Dodd-Frank Wall Street Reform Act of 2010, which sought to tighten regulations on broad sections of the financial services industry in the aftermath of the financial crisis. Among them are the much-anticipated regulations on the so-called Volcker Rule, a segment of Dodd-Frank aimed at keeping banks from speculative trades in their own accounts, a tactic that led to the worst financial downturn since the Great Depression. Asked specifically about a time line for the Volcker rulemaking, White said, \"that may be completed by year-end.\" Also under final crafting are new rules on the application of Dodd-Frank to cross-border, security-based swap transactions. But White said the SEC was short-staffed, and two new two new commissioners were just taking up their posts on the five-member body. \"I\'m not saying every single one will be done by year-end,\" she said of the various reforms, which include regulations on small business filing requirements, the relatively new practice of crowdfunding, and disclosures of chief executive salaries. \"Having just passed Dodd-Frank\'s third anniversary, there is still considerable work to be done,\" Senator Michael Crapo, the committee\'s top Republican, told the hearing. Gary Gensler, chairman of the Commodity Futures Trading Commission which oversees the complex environment of swap deals, testified along with White. While Gensler said the CFTC has \"not shied away from bringing cases against large banks\" that break the rules, he and White bemoaned the comparatively low level of funding for their agencies. \"I would say our enforcement resources are tiny compared to the size of the markets,\" Gensler said. \"The American public put $180 billion into AIG,\" he said, referring to the 2008 bailout of the insurance giant. \"That\'s 600 times what the president asked for funding for our agency.\"

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today us financial regulators pressed for quicker reforms Arab Today, arab today us financial regulators pressed for quicker reforms

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today us financial regulators pressed for quicker reforms Arab Today, arab today us financial regulators pressed for quicker reforms

 



Arab Today, arab today Designer Rania Adel reveals her new collection

GMT 17:59 2017 Monday ,12 June

Designer Rania Adel reveals her new collection
Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Mai Al-Jeddawi presents décor ideas for Ramadan
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday