Post-election changes and their impact on the financial services industry
During his first term, President Obama began an ambitious path of reforming the US financial system with the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Over two years later, however, many financial regulators are struggling to finalise many key rulemakings, including items such as the regulation of systemically important financial institutions and many foundational aspects of derivatives market reform. Nearly two-thirds of the rulemakings required by Dodd-Frank have not yet been finalised.
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