Gary Gensler, chairman of the US Commodity Futures Trading Commission, said yesterday (July 15) that the Dodd-Frank bill becoming law will not herald the end of financial reform in the US.
Addressing the Securities Industry and Financial Markets Association, Gensler said the title of their seminar, the Post-Financial Reform Conference, was “somewhat premature”.
“Even after the President signs the Wall Street reform bill, financial reform will be far from complete,” Gensler said. “The Securities and Exchange Commission, the Federal Reserve, the Federal Deposit Insurance Corporation, the Treasury Department and the Commodity Futures Trading Commission, among others, will have a significant number of rules to write and implement to regulate the financial system.”
He warned of the long road ahead for lawyers and firms grappling with the bill, and of the crucial role still to be...