In a report released Thursday, the Government Accountability Office urged the Federal Reserve Board and other regulators to finalize key provisions of the Dodd-Frank Act that are designed to decrease government support to big banks and improve bank oversight going forward.
The study is the first of two the agency is conducting that will address concerns about "too big to fail."
"I view this report as the review mirror, and the next report coming as the headlights," said Cornelius Hurley, director of the Boston University Center for Finance, Law & Policy.
The GAO's report notes that "effectiveness remains uncertain" while so many provisions, like the Federal Department Insurance Corp.'s resolution authority and the Fed's emergency lending authority, remain incomplete.
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