Some of the best legal, economic, and investing minds gathered in Washington on Thursday to talk about the aftershocks of the Dodd-Frank Act.
While one of the main takeaways was that the massive 2,300-page bill has left us with lots of uncertainty for quite some time to come, there was also consensus that now that the legislation has passed, the financial services industry must pay close attention to the regulatory process, and make sure they have an active voice in how those regulations are shaped.
“We don’t know how all of these rules will play out,” said Roel Campos, a former SEC Commissioner who’s now a partner at the law firm of Cooley Godward Kronish in Washington. “There will be a huge opportunity to send comment letters” to the respective regulators, he said, so don’t be “passive.” Indeed, Alan Avery, a partner with the law firm Arnold & Porter in Washington, said that the “scope and breadth of Dodd-Frank is daunting,” and while 25% of financial services reform was completed with the passage of Dodd-Frank, now 75% of the remainder has been left to the rulemaking process. “That’s why it’s important to get involved” in the comment process, Avery said.
Top thinkers like Campos and Avery gathered at the first annual Washington Investment and Regulation Conference, which was jointly sponsored by the Global Interdependence Center and the CFA Institute.