Dodd, Frank: Reform Bill Due Dec. 31

“We also recognize that the mobility of capital means that, while the ultimate decision as to what rules to adopt is a sovereign decision of each individual nation, success in this effort requires us to consult closely with other major financial centers with the goal of achieving appropriate coordination and minimizing any opportunities for regulatory arbitrage,” Dodd and Frank write in the letter to Obama.

“We agree that we must redouble our efforts to promote openness, transparency and plain language throughout our financial system,” the lawmakers write. “We also support comprehensive reform of the corporate governance and executive compensation of financial institutions.”

The new corporate governance framework should be one that demands “strict accountability of executives and promotes long-term value and growth for shareholders, companies, workers and the economy at large,” Dodd and Frank write.