Although American Banker's Editor-at-Large Barbara Rehm believes the implementation of Dodd-Frank is taking too long, enough people have told her otherwise, so she presents our readers with the counter-argument.
When HSBC's Chief Executive Officer Irene Dorner said, "Quite simply, it's all taking too long to implement," of financial reform at American Banker's annual regulatory symposium last week, Rehm agreed.
According to many other bankers and regulators, however, the implementation on the reform law is slow for several reasons. First, federal rules are rarely changed once they have been written.
"No rule is better than a lousy one," Rehm writes for the second reason. And finally the third reason for a slow implementation, Dodd-Frank's mandates are still being applied even though the formal rules are not currently in place.
For the full piece see "Counterargument: The Case for Slowing Dodd-Frank" (may require subscription).