Dodd-Frank Act
Congress urged to curb Fed’s regulatory powers
House hearing revives the debate on consolidating US regulatory agencies
BoE’s FPC sounds warning on implementation of global standards
FPC cautions on global co-operation around regulatory standards; follows plans for deregulation in the US and tit-for-tat threat from German regulators
SEC nominee flip-flops on Dodd-Frank rollback
Rules mandated by statute must be adopted by regulators, Clayton concedes
Mixed views on Dodd-Frank rollback
No need to dump central clearing and electronic trading mandates, market participants say
Head of Securities and Exchange Commission to step down in January
Mary Jo White says the agency has brought about “fundamental reforms”; the future direction of US financial regulation is unclear following divergent statements from Trump
Fed should prepare to communicate inflation overshoot – IMF
IMF urges Fed to continue on “very gradual” path in raising benchmark rate; central bank should tolerate inflation overshoot to stop expectations drifting down
Fed’s Kashkari: more needs to be done to end too-big-to-fail
Minneapolis Fed president says 'transformational' approaches, such as breaking up the largest banks, should be given “serious consideration” in quest to end too-big-to-fail
Paper finds positive impact from Dodd-Frank swap rules
Compulsory trading via swap execution facilities has boosted liquidity and cut trading costs in the market for interest rate swaps, working paper published by BoE finds
Fischer laments lack of coordination between US regulators
Fed vice-chair says most countries manage to supervise their financial systems in a more cooperative manner than in the US, but he holds little hope for change in the near future
Fed’s Brainard ponders whether systemic banks could choose to downsize
Governor Lael Brainard says systemically important institutions may choose to ‘reduce their systemic footprint’ as regulation kicks in and impacts cost-benefit analysis
Canadian deputy sees scope for deeper integration with US
Lawrence Schembri suggests bilateral agreement between the neighbouring countries on the resolution of banks with cross-border operations
Clearing houses face privacy law concerns
US reporting requirements could force CCPs to break national privacy laws
Fed issues tougher and broader 2015 stress tests
Severely adverse scenario adds oil price shock and wider corporate bond spreads; list of stress-tested institutions grows
New York Fed president suggests Dodd-Frank has made investors ‘more skittish'
William Dudley notes ‘extraordinary interventions' will be more difficult to undertake, potentially destabilising the financial system by unnerving investors
Former SEC chair urges US to accept use of NGAs for overseas swaps
Recent focus on US banks' use of non-guaranteed affiliates risks taking regulators down a slippery slope - issue could be tackled via disclosure instead, argues ex-SEC chair Harvey Pitt
Federal agencies finalise Volcker rule exceptions
The Federal Reserve, FDIC and other agencies agree on a final version of the Volcker rule to ban proprietary trading and investment fund activities, but with a series of exemptions
Moody's says big US banks no longer ‘too big to fail'
Agency cuts ratings of four systemically important US banks, including Goldman Sachs and JP Morgan, as Dodd-Frank believed to reduce prospects of future government bailouts
Crisis a 'classic panic' in novel institutional context, says Bernanke
Speaking at the IMF annual research conference in DC, Fed chair warns of moral hazard arising from actions to limit crisis early on; outlines US long-term measures aimed at curbing such externalities
Fed heavyweights warn new bank resolution laws won't end ‘too big to fail'
Dudley, Lacker and Tarullo say 'single point of entry' framework under 'Title II' provision is important but inadequate; FOMC members call for long-term debt requirement for Sifis
FDIC chair says Dodd-Frank means US regulators can manage failing Sifis
Martin Gruenberg argues Dodd-Frank Act's Title I and II provisions give ‘significant new authorities' to the FDIC to ‘plan for and manage the orderly failure of a Sifi'
Dual reporting requirements in Asia cause concern
While Singapore will mandate single-sided trade reporting, regulators in Australia and Hong Kong will follow the European Union’s requirement for dual reporting, leading to concerns among market participants
Volcker rule in its ‘purest form' necessary to curb derivatives speculation
Under pressure from banks and hedge funds, the definition of ‘hedging' in the final Volcker rule could be so broad as to allow unchecked speculation dressed up as hedging, Vembar Ranganathan argues
A status report on Dodd-Frank and the Volcker rule
As the US and Europe move closer to co-operating on derivatives legislation, Vembar Ranganathan looks at the status of Dodd-Frank implementation aimed at curbing excesses in the derivatives market
Volcker rule is driving reluctance to hold risk, warn currency managers
US banks are holding less risk as they prepare for the requirements of the Volcker rule, leading to more short-term volatility and less liquidity in some currencies