Both Federal Reserve Board Chairman Ben Bernanke and Treasury Secretary Jacob Lew spoke this week on how long it would take U.S. regulators to end "too big to fail" and to finally implement Dodd-Frank.
"I don't know about timing," said Bernanke on Thursday before the Senate Banking Committee, adding implementation may "take another year from now."
In an interview with CNBC on Wednesday, Lew said, "much of our remaining work will be completed in the next five months. Let me repeat: by the end of this year, the core elements of the Dodd-Frank Act will be substantially in place."
"Bernanke and Lew have previously tried to persuade lawmakers to see the process through before drawing the conclusion the reform effort had fallen short. Both have also expressed willingness to revisit the issue once the rules had been finalized," writes American Banker's Donna Borak.
For the full piece see "More Time Needed Before 'Too Big to Fail' Ends: Bernanke" (may require subscription).