Tim Ryan, CEO of the Securities Industry and Financial Markets Association (SIFMA), said Tuesday that the industry was at the beginning of a two- to five-year “journey” in implementing the many studies and rulemakings required under the Dodd-Frank Act.
Speaking at the National Economics Club in Washington on how the U.S. and the European Union are responding to regulatory issues under Dodd-Frank, Ryan noted that Dodd-Frank calls for 235 rulemakings, 41 reports and 71 studies.
"Parallel rulemaking," Ryan (left) said, “is taking shape across the globe,” in response to Dodd-Frank. Despite the fact that Dodd-Frank requires “a huge amount of work to be done in the first year,” Ryan continued, “this isn’t simply about meeting rulemaking deadlines, it’s about getting it done right. The stakes are too high for anything less.”
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Poorly crafted regulations that create market distortions, Ryan said, “or other unintended consequences could constrain capital formation or even increase systemic risk—the exact opposite of the intent of Dodd-Frank.”