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More Dodd-Frank financial rules coming soon

 

NEW YORK – July 21, 2014 – The latest analysis of the Dodd-Frank financial law by Davis Polk & Wardwell LLP found that key parts of the law from mortgage-securities market standards to tougher laws for credit-rating firms have not been completed after four years.

Only 44 percent of the U.S. Securities and Exchange Commission's (SEC) rules have been finalized or are nearly final, as the agency faces turnover and has lost court battles.

SEC officials say the agency continues to work on transparency regulations for derivatives and asset-backed securities markets, and tougher rules for credit-rating firms. However it says it finished work related to hedge-fund industry oversight, brokerage customer protections, and a crackdown on conflicts of interest in state and local bond transactions.

Meanwhile, the Consumer Financial Protection Bureau has been policing consumer abuses by financial firms, the Volcker Rule has been completed, and the Financial Stability Oversight Council is drawing in large insurers and other financial firms for stricter regulation.

Overall, slightly more than half of the rules have been completed, according to industry analyses, though not all are effective yet.

Poll: Americans favor tougher rules on Wall Street

Wall Street should face tougher rules, according to 78 percent of likely voters surveyed by the Democratic pollster Lake Research Partners. Just 11 percent of respondents said the financial sector is sufficiently regulated.

Commissioned by the Center for Responsible Lending and Americans for Financial Reform, the poll of 1,000 likely voters shows there is broad support for stronger rules for Wall Street. Seven-two percent of Republicans favored tougher rules, while 78 percent of independents and 85 percent of Democrats agree.

Also, 80 percent of respondents said they're concerned about the influence financial firms enjoy in Washington. The results show that many likely voters continue to distrust financial firms, even after the enactment of the Dodd-Frank financial reform law and the financial crisis.

Source: Wall Street Journal (07/21/14) Ackerman, Andrew; Zibel, Alan; Tracy, Ryan; and Press TV (07/19/14)

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